Pefindo reduces rating for Bank Mayapada
The Jakarta Post
Credit-rating agency Pemeringkat Efek Indonesia (Pefindo) has reduced its rating for publicly listed lender Bank Mayapada Internasional from idA to idA- (single A minus).
Pefindo director Vonny Widjaja said that an obligor with an idA rating had a strong capability to fulfill long-term financial commitments.
“Meanwhile an idA- is a lower rating that is given [to a lender that is] relatively weaker and below average within the category,” Vonny said as reported by kontan.co.id.
As a result of the rating change, Bank Mayapada is more prone to being affected by changes and economic situations than firms with a higher rating. Additionally, Pefindo also gave the lender a lower bond rating.
There are three bonds with ratings that have been reduced, namely Bank Mayada’s Rp 1 trillion (US$71.8 million) sustainable subordination bond I, which was reduced from idBBB+ to idBBB, Bank Mayapada's Rp 700 billion subordination bond III 2013 (idA- to idBBB-), and its Rp 255.8 billion subordination IV bond 2014 (idBBB+ to idBBB).
The ratings for Bank Mayapada and its three bonds will be in effect from May 4 to June 1. (dwa)
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