Pos Indonesia MTNs rated idA- amid bankruptcy issues
JAKARTA. PT Pos Indonesia (Persero) has obtained an idA- rating with a Stable outlook from PT Pemeringkat Efek Indonesia (Pefindo), as well as an idA- rating from the company's upcoming Medium Term Notes (MTNs).
Pos Indonesia Corporate Secretary Benny Otoyo has denied rumours that the company is on the verge of bankruptcy. In an official statement, he explained that the company is still able to fulfill its liabilities. "No company asset has been used as collateral," he said.
Per information from Pefindo, Pos Indonesia plans to use Rp 500 billion to repay bank loans and Rp 250 billion as working capital. "The company needs to support its logistics business," said Pefindo.
The state-owned postal company's net profit plunged 62.09% to Rp 127 billion, after having posted a Rp 335 billion profit in the previous year. The company's cashflow has also remained negative since 2017, with a minus of Rp 293 billion in 2018.
Based on the assessment, Pefindo will continue to monitor the ratings of Pos Indonesia and any of its upcoming bonds. Pefindo said that it can raise or lower Pos Indonesia's rating depending on policy changes from the government as the company's biggest shareholder. (KR/MS)