JAKARTA. PT Pemeringkat Efek Indonesia (Pefindo) amends the outlook of PT Timah Tbk (TINS) to stable from the previous state of a negative outlook. Pefindo retains the A rating given to this state-owned company’s bonds.
This change is made based on the data and information of the company, as well as its unaudited financial report in March 2021 and audited financial report in December 2020. In Q1 2021, TINS’s revenue reaches IDR 2.44 trillion, declining 45% from the same period in 2020 of IDR 4.42 trillion. TINS also scores the current year’s profit of IDR 10 billion in Q1 2021, breaking free from the net loss of IDR 413 billion in Q1 2020.
In an official statement published Sunday (6/6), the President Director of Pefindo, Salyadi Saputra, explained that the obligor with an A rating indicates a better ability to fulfil its long-term financial commitment compared to other obligors in the country. However, this rating also means that the obligor’s ability is more susceptible to any adverse changes in situations and economic conditions compared to other obligors with a higher rating.
Pefindo also gives another A rating to the company’s Shelf-Registration Bond I Phase I Series B Year 2017 and Shelf-Registration Bond I Phase II Series A and Series B Year 2019 worth IDR 1.6 trillion, from June 2, 2021, until June 1, 2022.
Pefindo also classifies other bonds as A rating, including Shelf-Registration Sukuk Ijarah I Phase I Series B Year 2017 and Shelf-Registration Sukuk Ijarah I Phase II Year 2019 worth IDR 493 billion with the same period as the former bonds. (AM/ZH)