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Lautan Luas Tbk.
Released : February 19, 2010 PEFINDO affirmed the rating of “idA-” with “stable” outlook for PT Lautan Luas Tbk. (LTLS or the Company) and the Company’s Bond III/2008 of IDR500 billion due in 2013. The ratings are supported by LTLS’ well-diversified products and market segments and its integrated operations. However, the ratings are constrained by LTLS’ relatively high financial leverage level as well as impact from commodity price fluctuation. LTLS is a leading distributor and manufacturer of basic and specialty chemicals in Indonesia. In addition to its manufacturing business that contributed 31.96% of total revenues during the first nine months of 2009, LTLS currently distributes over 1,000 products from more than 100 international principals to serve around 2,000 customers in various industries. LTLS is also supported by an extensive distribution network, consisting of five branches and six representative offices throughout Indonesia as well as a regional subsidiary in Singapore and regional offices in China, Thailand, and Vietnam. As of September 30, 2009, LTLS’ shareholders were PT Caturkarsa Megatunggal (63.03%), management (3.64%), and public (33.33%). Rating Period: February 5, 2010 – February 1, 2011
Contact Analyst: Vonny Widjaja & Niken Indriarsih
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