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Press Releases 08 March 2015
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Ratings of SMI affirmed at idAA+/stable

PEFINDO has affirmed its “idAA+” ratings for PT Sarana Multi Infrastruktur (Persero) (SMI) and its outstanding Bonds I/2014 of IDR1 trillion. The outlook for the corporate rating is “stable”. The ratings reflect SMI’s critical role to the Government of Indonesia, high potential demand for infrastructure financing, and very strong capitalization profile with budgeted capital injection of IDR20.4 trillion in 2015. However, the ratings are constrained by the lack of commercially viable infrastructure projects and concentrated financing profile. SMI is a state-owned entity established to serve as a catalyst in the acceleration of infrastructure development in Indonesia by providing an alternative source of fund to project financing and promoting public-private partnerships (PPP). SMI is wholly owned by the government, and as of December 31, 2014 (FY2014) it had 103 employees. The Company has a 33.88% stake in PT Indonesia Infrastructure Finance (IIF), which is also engaged in infrastructure financing. Rating Period: March 6, 2015 – March 1, 2016 Contact Analyst: Hendro Utomo & Hotma Parulian Manalu hendro.utomo@pefindo.co.id & hotma.manalu@pefindo.co.id Click Here For Details DISCLAIMER PT Pemeringkat Efek Indonesia (PEFINDO) does not guarantee the accuracy, completeness, timeliness or availability of the contents in this report or publication. PEFINDO cannot be held liable for its use, its partial use, lack of use, in combination with other products or used solely, nor can it be held responsible for the result from its use or lack of its use in any investment or other kinds of financial decision making on which this report or publication is based. In no event shall PEFINDO be held liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity costs in connection with any use of the contents of this report or publication. Credit analyses, including ratings, and statements in this report or publication are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment decision. The contents cannot be a substitute for the skill, judgment and experience of its users, its management employees and/or clients in making investment or other business decisions. PEFINDO also assumes no obligation to update the content following publication in any form. PEFINDO does not act as fiduciary or an investment advisor. While PEFINDO has obtained information from sources it believes to be reliable, PEFINDO does not perform an audit and does not undertake due diligence or independent verification of any information used as the base of and presented in this report or publication. PEFINDO keeps the activities of its analytical units separate from its business units to preserve independence and objectivity of its analytical processes and products. As a result, certain units of PEFINDO may have information that is not available to other units. PEFINDO has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. PEFINDO may receive compensation for its ratings and other analytical work, normally from issuers of securities. PEFINDO reserves the right to disseminate its opinions and analyses. PEFINDO public ratings and analyses are made available on its Website, http://www.pefindo.com (free of charge) and through other subscription-based services, and may be distributed through other means, including via PEFINDO publications and third party redistributors. Information in PEFINDO’s website and its use fall under the restrictions and disclaimer stated above. Reproduction of the content of this report, in full or in part, is subject to written approval from PEFINDO.
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