JAKARTA. PT Pemeringkat Efek Indonesia (Pefindo), a local rating agency, revealed that by Q3 2021, out of 36 multifinance companies, 24 of them have received ratings of A’s to Triple A’s.
As of October 18, 2021, Pefindo data listed 24 multifinance companies that were granted better or equivalent to A ratings. There are nine companies with “AAA” ratings, seven with “AA” ratings, and eight with “A” ratings. Additionally, four multifinance companies earn “BB” ratings, which were claimed by the information technology service sectors.
The analyst of the Financial Services Rating Division of Pefindo, Danan Dito, explained that the multifinance business is starting to recover due to the government’s support by exerting relaxation policies. It has positively affected many corporates’ stability amidst the pandemic.
According to Dito, the multifinance and banking sectors are heavily influenced by their profitability as the cash flows deplete from restructuring processes and increased allowance costs. (AM/ZH)