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Construction firm PTPP bonds rating upgraded
State-owned construction firm Pembangunan Perumahan (PTPP) saw its debt papers rating upgraded by Pemeringkat Efek Indonesia (Pefindo) on the back of a strong financial period.
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Pembangunan Perumahan's logo is seen in front of a high rise building in Jakarta recently. (Kontan/Baihaki)
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ndonesian credit rating agency Pemeringkat Efek Indonesia (Pefindo) has upgraded the ratings of state-owned construction firm Pembangunan Perumahan (PTPP) and its debt papers on the back of a strong financial period.
Pefindo raised the rating of the firm's publicly listed bonds issued in 2013 and 2015 and medium term notes (MTN) XXI issued in 2014 worth Rp 1.3 trillion (US$97.5 million) to A+ from A, according to an announcement published on the Indonesia Stock Exchange (IDX) website on Friday.
"Long-term debt papers with an A rating indicate that the obligor has a strong capacity to meet its long term commitment of the debts relative to that of other Indonesian obligors," the Pefindo letter attached to the announcement read. "However, the obligor is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions compared to higher-rated obligors."
The + (plus) sign shows the rating given to PTPP is relatively strong and above the A category.
PTPP booked 23.6 percent in revenue growth to Rp 10.84 trillion during January to September last year. Its net profit and assets jumped by almost 50 percent and 17.46 percent, respectively, in the same period. (ags)
