Local Indonesian Credit Rating Agency, PT. Pemeringkat Efek Indonesia (Pefindo) gave a rating of “idA” for PT. Sumberdaya Sewatama (SSMM or Company) and the rating outlook for the Company is “stable”. On the same occasion, Pefindo also gave the same rating of “idA” to two bonds which will be due on 30 November 2015 with IDR 219 billion amount. Both of the bonds of PT. Sumberdaya Sewatama are bond I/2012 serie B and bond I/2012 serie A. The ijarah sukuk I/2012 was given a rating of ‘idA(sy)’. Haryo Koconegoro, Pefindo analyst stated that the rating for the bonds of PT. Sumberdaya Sewatama which will be on due date was given along with the bond payment plans using some amount from the debt disbursement from several syndications of Islamic bank.
Haryo continued that company rating reflects the strong SSMM market position with stable income streams, strong synergy between the Group and the Company, and also strong operational profit margins. The rating itself is limited by the high dependency on single buyer, the potential uncertainty of temporary power provider business growth and the aggressive capital structure in expanding as an Independent Power Producer (IPP).