PEFINDO's rating serves issuers,
insurers, counterparties, intermediaries and investors
in the Indonesian financial markets by providing both
Debt Specific Ratings which apply to specific
debt instruments, and Company Ratings which
apply to companies or obligors. Indonesian obligors
include all active borrowers, guarantors, insurers
and other providers of credit enhancement domiciled
in Indonesia, as well as any foreign obligor active
in the Indonesian financial markets. PEFINDO ratings
are characterized by the use of the "id"
prefix to underline that the ratings are assigned
within an Indonesian context.
A PEFINDO rating is not a recommendation
to purchase, sell, or hold a specific debt security
issued by a company, as it does not comment on market
price or suitability for a particular investor. Ratings
are based on current information furnished by the
obligors or obtained by PEFINDO from other sources
deemed reliable. PEFINDO does not perform an audit
in connection with any rating, and may, on occasion,
rely on unaudited financial information. Credit Ratings
may be changed, suspended, or withdrawn as a result
of material changes in a company's debt servicing
capacity.
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Company Rating |
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idAAA |
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An obligor rated idAAA
has a superior capacity to meet its long-term financial commitments
relative to that of other Indonesian obligors. |
| idAA |
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An obligor rated idAA differs from
the highest rated obligors only to a small degree, and has a very strong capacity to meet its
long-term financial commitments relative to that of other Indonesian obligors. |
| idA |
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An obligor rated idA indicates that,
the obligor has a strong capacity to meet its long-term financial commitments
relative to that of other Indonesian obligors. However, the obligor is somewhat
more susceptible to the adverse effects of changes in circumstances and economic
conditions than higher-rated obligors. |
| idBBB |
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An obligor rated idBBB has an adequate
capacity to meet its long-term financial commitments relative to that of other
Indonesian obligors. However, adverse economic conditions or changing circumstances
are more likely to lead to a weakened capacity of the obligor to meet its financial
commitments. |
| idBB |
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An obligor rated idBB has a somewhat weak
capacity to meet its long-term financial commitments relative to that of other
Indonesian obligors. The obligor faces ongoing uncertainties or exposure to adverse
business, financial or economic conditions which could result in an inadequate capacity
on the part of the obligor to meet its financial commitments. |
| idB |
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An obligor rated idB has a weak capacity
to meet its long-term financial commitments relative to that of other Indonesian obligors.
Adverse business, financial or economic conditions will likely impair the obligor’s capacity
to meet its financial commitments. |
| idCCC |
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An obligor rated idCCC is currently
vulnerable and is dependent upon favorable business and financial conditions
to meet its financial commitments. |
| idSD |
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An obligor rated idSD ("Selective Default")
has failed to pay one or more of its financial obligations, rated or unrated, when it
came due. An "SD" rating is assigned when PEFINDO believes that the obligor has selectively
defaulted on a specific issue or class of obligations but will continue to make timely
payments on its other obligations. |
| idD |
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The obligor is in default to meet its long-term
financial commitments. The obligor’s has no capacity to meet its’s short-term financial
commitments. |
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The ratings
from idAA to idB may be modified by the addition of a plus
(+) or minus (-) sign to show relative strength within the rating category. |
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Long-term
and Medium-term Debt Paper Rating |
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| idAAA |
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A debt security rated idAAA
has the highest rating assigned by PEFINDO. The obligor’s capacity to meet its long-term
financial commitments on the debt security, relative to other Indonesian obligors,
is superior. |
| idAA |
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A debt security rated idAA
differs from the highest rated debt only to a small degree. The obligor’s capacity
to meet its long-term financial commitments on the debt security, relative to
other Indonesian obligors, is very strong. |
| idA
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Debt security rated idA
indicates that the obligor’s capacity to meet its long-term financial commitments
on the debt security, relative to other Indonesian obligors, is strong, however,
the debt security is somewhat more susceptible to adverse effects of changes in
circumstances and economic conditions than higher-rated debt. |
| idBBB |
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Debt security rated idBBB
denotes adequate protection parameters relative to other Indonesian debt securities.
However, adverse economic conditions or changing circumstances are more likely to
lead to a weakened capacity on the part of the obligor to its long-term financial
commitments on the debt security. |
| idBB
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Debt security rated idBB
denotes somewhat weak protection parameters relative to other Indonesian
debt securities. The obligor’s capacity to meet its long-term financial commitments
on the debt security is susceptible to major ongoing uncertainties or exposure to
adverse business, financial, or economic conditions. |
| idB |
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Debt security rated idB
denotes weak protection parameters relative to other Indonesian debt
securities. Although the obligor currently still has the capacity to meet
its long-term financial commitments on the debt security, any adverse business,
financial, or economic conditions would likely impair the capacity or willingness
of the obligor to meet its long-term financial commitments on the debt security. |
| idCCC
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Debt security rated idCCC
is currently vulnerable to non-payment, and is dependent upon favorable
business and financial conditions for the obligor to meet its long-term
financial commitments on the debt security. |
| idD |
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Debt security is rated idD
when it is in payment default, or default of a rated obligation occurs
automatically upon the first occurance of non-payment of the obligation.
An exception is warranted when an interest payment missed on the due date
is made within the grace period, or whenever such a non-payment is subject
to a bona fide commercial dispute. |
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The
ratings from idAA to idB may be
modified by the addition of a plus (+) or minus (-)
sign to show relative strength within the rating category. |
idSD rating is not applicable for instrument
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Short-term
Debt Paper Rating |
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| idA1 |
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A short-term debt security rated idA1
has the highest rating category assigned by PEFINDO. The obligor’s capacity to meet
its short-term commitments on the debt security, relative to other Indonesian obligors,
is superior. |
| idA2 |
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A short-term debt rated idA2 is
slightly more susceptible to adverse changes in circumstances and economic conditions
than the highest rated debt. The obligor’s capacity to meet its short-term financila
commitments on the debt security, relative to other Indonesian obligors, is strong. |
| idA3
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A short-term debt security rated idA3
denotes above average protection parameters relative to other short-term Indonesian
debt securities. |
| idA4 |
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A short-term debt security rated idA4
denotes adequate protection parameters. It is, however, more vulnerable to adverse effects
of changes in circumstances than debt securities carrying higher rating categories. |
| idB
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A short-term debt security rated idB
denotes significant vulnerability to adverse business, financial, or economic conditions regarding
timely payment of interest of repayment of principal, relative to other short-term Indonesian
debt securities. |
| idC |
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A short-term debt security rated idC
denotes doubtful capacity for payment. |
| idD
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A short-term debt security rated idD
denotes payment default. |
idSD rating is not applicable for instrument
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Rating Outlook
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Positive |
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Ratings may be raised. |
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Negative |
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Ratings may be lowered. |
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Stable |
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Ratings are not likely to change. |
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Developing |
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Ratings may be raised or lowered. |
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