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Rating Release

Summit Oto Finance
Released : July 08, 2013

Summit Oto Finance and Maturing Bond Ratings Affirmed at “idAA”

PEFINDO affirmed its idAA” ratings for PT Summit Oto Finance (SOF or the Company) and its outstanding Bond IV/2010 of IDR900 billion.  The outlook for the corporate rating is “stable”.  The above ratings reflect strong and proven support from Sumitomo Corporation, Japan (Sumitomo or the Parent, rated A by Standard & Poor’s), the Company’s strong market position, and strong capitalization.  However, the ratings are constrained by below industry’s average asset quality, moderate profitability measures, as well as tight competition and more challenging regulatory environment. 

PEFINDO views that the Company has the capability to fulfill its maturing Bond IV/2010 series C amounting to IDR600 billion due on Oct. 28, 2013 using its internal cash flow generation.  It is also supported by the availability of cash and cash equivalent balance of IDR861.9 billion and unused credit facility amounting to IDR5.9 trillion as of March. 31, 2013 (1Q2013).

PT Summit Oto Finance focuses its business on new motorcycle financing services.  As of April 3, 2013, the Company’s shareholders consisted of Sumitomo Corporation, Japan (85.0%), PT Sumitomo Indonesia (10.0%), and PT Summit Auto Group (5.0%).

Rating Period: July 4, 2013 – July 1, 2014
Contact Analyst: Titan R. Sjofjan & Hendro Utomo

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