Download PDFCorporate rating: We attended Pefindo's meeting for rating update with the following takeaways:
Pefindo sees increasing bond issuance this year to c. Rp135tn (vs Rp113.8tn in 2018) driven by companies' refinancing program and improving market this year. Appetite for MTN issuance has slowed, where there was only Rp13.5tn issuance by Feb19. No securitisation plan has been registered until Feb19, but Pefindo remains seeing the potential.
Throughout 2018, Pefindo downgraded ratings for 21 companies, in which six companies are in property industry and three in banking. Reason for downgrade includes weak marketing sales and unrealised sales in industrial property. In addition, it also revises outlook for 19 companies, where six of which belong to multifinancing sector, three to banking, and three to property. Multifinancing sector is still considered to face liquidity concern as banks become more hesitant to disburse credit to this sector.
Positive outlooks are given to only four companies: two in metal, one in chemical, and one in construction sector; overall was backed by companies efficiency, potential for revenue growth, and better industry prospect.
Sumber : IPS RESEARCH
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