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Jasamarga Pandaan Tol's bonds got "idAA-(sy) rating from Pefindo

19 July 2019 20:23

JAKARTA. Pemeringkat Efek Indonesia (Pefindo) gave "idAA-" rating for PT Jasamarga Pandaan Tol (JPTR), and "idAA- (sy) for its 2019 Sukuk Ijarah, which is planned to be issued, with a total value of Rp 800 billion.  

Pefindo explains the negative notation in JPTR rating, which indicates that the rating is relatively weaker compared to other obligors in the same category. "Below the average of the category in question," Pefindo explained in his official statement.

Meanwhile, JPTR received an "idAA" rating because it received strong support from its parent company, PT Jasa Marga (Persero) Tbk (JSMR). JSMR itself has been given "idAA" rating with a stable outlook from Pefindo.

In addition, Pefindo assessed that JPTR rating was supported by its cash-based revenue flows and strong EBITDA margins. Nevertheless, Pefindo said that JPTR's rating was limited by high financial leverage, as well as the risk of lack of toll road traffic. (KR/AR)

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