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Oto Multiartha
Released : March 18, 2010 PEFINDO reaffirmed at “idAA-” the ratings of PT Oto Multiartha (OTMA or the Company) and the Company’s outstanding Bond V/2007 of IDR500 bn and Bond VI/2009 of IDR1.2 tn. Outlook for the above ratings is “stable”. The ratings reflect strong support from Sumitomo Corporation, Japan (‘Sumitomo”), OTMA’s strong business position in used car financing market, and strong capitalization profile. The ratings, however, are constrained by tight competition in new car segment and continuing pressure on asset quality. OTMA is a non-captive finance company focusing on car financing business. During the last several years, the Company’s business has consistently grown in tandem with the strong domestic car sales growth, which has made the Company one of the leading car financing companies in Indonesia. The Company’s financing business has also been very well supported by its strong distribution network, which consisted of 49 branches located in 22 provinces throughout Indonesia in addition to a reliable IT system. The Company has also been able to establish good relationship with around 3,000 authorized dealers to reach its retail customers. As of December 2009, OTMA employed 2,020 staffs to run its daily operations. As to date, OTMA is owned by Sumitomo Corporation, Japan (83.5%), PT Sinar Mas Multiartha Tbk. (16.1%) and PT Summit Auto Group (0.3%), which is also owned by Sumitomo Corporation, Japan. Rating Period: March 10, 2010 – March 1, 2011
Contact Analyst: Hendro Utomo & Dimas Aditya
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