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Fitch peringkat obligasi astra sedaya finance di aaa(idn)


(The following statement was released by the rating agency) JAKARTA, September 30 (Fitch) Fitch Ratings memberikan peringkat Nasional Jangka Panjang di 'AAA(idn)' dan Nasional Jangka Pendek di F1+(idn) atas Obligasi Senior Tahap IV tahun 2014 yang akan dikeluarkan oleh PT Astra Sedaya Finance (ASF; 'AAA(idn)'/Stabil) dibawah program program obligasi berkelanjutan II sebagai berikut: - Peringkat Nasional Jangka Panjang di 'AAA(idn)' atas obligasi dengan jangka waktu jatuh tempo tiga tahun, dan - Peringkat Nasional Jangka Pendek di F1+(idn) atas obligasi dengan jangka waktu jatuh tempo 370 hari. Obligasi tersebut akan diterbitkan sebesar maksimum IDR 2,5 trilyun dan dana dari hasil penerbitan obligasi ini akan dipergunakan untuk mendukung pertumbuhan bisnis perusahaan. AAA(idn) Peringkat nasional di kategori 'AAA' menunjukkan peringkat tertinggi yang diberikan Fitch pada skala peringkat nasional untuk Indonesia. Peringkat ini diberikan kepada emiten atau surat utang dengan ekspektasi resiko gagal bayar yang terendah relatif terhadap emiten atau surat utang lainnya di Indonesia. F1(idn) Peringkat Nasional 'F1' mengindikasikan kapasitas membayar komitmen keuangan secara tepat waktu paling kuat relatif terhadap emiten atau surat utang lainnya di Indonesia. Dalam skala peringkat nasional Fitch, peringkat ini diberikan kepada risiko gagal bayar terendah relatif terhadap yang lain di Indonesia. Apabila profil likuiditas secara spesifik kuat, tanda "+" ditambahkan kepada peringkat yang diberikan. Pertimbangan Pemeringkatan Obligasi diperingkat pada level yang sama dengan peringkat Nasional Jangka Panjang dan Jangka pendek ASF karena obligasi ini mencerminkan kewajiban perusahaan yang bersifat langsung, bukan merupakan hutang subordinasi, kewajiban senior tanpa jaminan dari perusahaan dan berada pada peringkat yang sama dengan semua kewajiban tanpa jaminan dan hutang senior lainnya. Peringkat-peringkat ASF mencerminkan ekspektasi Fitch atas dukungan kuat yang berkelanjutan dan komitmen dari pemegang saham mayoritas, PT Astra Internasional Tbk (AI). Fitch menklasifikasikan ASF sebagai anak perusahaan inti AI dengan mempertimbangkan peranan strategis ASF terhadap bisnis perakitan dan distribusi bisnis kendaraan roda empat induk perusahaan di Indonesia. ASF memiliki peranan penting dalam mendukung bisnis kendaraan roda empat AI dengan menyediakan jasa pembiayaan untuk penjualan mobil AI. Fitch berpendapat tingkat keuntungan akan tetap berada pada level yang baik di 2014-2015. Meskipun biaya kredit kemungkinan akan lebih tinggi, namun akan tetap terkendali mengingat kuatnya rekam jejak pengelolaan account perusahaan. Kualitas aset ASF diharapkan tetap baik dengan rasio NPL ayng relative rendah dan terkendali digandingkan dengan pesaing-pesaing lainnya. Rasio pinjaman bermasalah (90 days past due) dibandingkan dengan total piutang yang dikelola tetap stabil pada 0,5% pada Agustus 2014 dan akhir 2013. Faktor-faktor Penggerak Peringkat Perubahan Peringkat Jangka Panjang dan Jangka Pendek ASF akan mempengaruhi peringkat obligasi ini. Penurunan kontribusi ASF ke AI yang signifikan akan berakibat negatif terhadap peringkat. Penurunan kepemilikan yang signifikan, dan melemahnya kinerja serta dukungan AI dapat memberikan tekanan kepada peringkat-peringkat ASF. Namun Fitch melihat kemungkinannya kecil dengan mempertimbangkan pentingnya ASF terhadap bisnis kendaraan roda empat AI. Tidak ada potensi kenaikan peringkat yang telah berada di tingkat teratas. Kontak: Analis Utama Julita Wikana Director +62 21 2988 6808 PT Fitch Ratings Indonesia Financial Institution DBS Bank Tower 24th Floor, Suite 2403 Jl. Prof. Dr. Satrio Kav 3-5 Jakarta, Indonesia 12940 Ketua Komite Jonathan Lee Senior Director +886 2 8175 7601 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.this site Catatan: Peringkat Nasional Fitch menggambarkan ukuran relatif atas kredibilitas entitas yang diperingkat di negara-negara yang memiliki peringkat sovereign relatif rendah dan ada kebutuhan untuk dilakukan pemeringkatan dimaksud. Peringkat terbaik di suatu negara adalah 'AAA' dan peringkat lainnya menggambarkan tingkat risiko relatif terhadap peringkat 'AAA'. Peringkat nasional dirancang untuk digunakan oleh sebagian besar investor lokal di pasar lokal dan diidentifikasi dengan menggunakan tambahan tanda sesuai dengan negara masing-masing. Sebagai contoh 'AAA(idn)' untuk Peringkat Nasional di Indonesia. Karenanya, peringkat ini tidak dapat dibandingkan secara internasional. Informasi tambahan tersedia di this site Kriteria terkait "Global Financial Institutions Rating Criteria", tertanggal 31 January 2014 , "Finance and Leasing Companies Ratings Criteria", tertanggal 12 Desember 2012 "Rating FI Subsidiaries and Holding Companies" dan "National Ratings Criteria", tertanggal 30 October 2013 dapat dilihat di website Fitch di this site Solicitation Status Setiap peringkat yang disebutkan dalam Rating Action Commentary (RAC) dari mana report ini diakses adalah permintaan dari penerbit surat berharga atau entitas yang bertindak atas nama penerbit surat berharga ("Solicited - Sell Side"). Oleh karena itu, Fitch memperoleh kompensasi untuk penyediaan peringkat. Solicitation status yang diberikan berlaku efektif pada tanggal RAC Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Finance and Leasing Companies Criteria here Rating FI Subsidiaries and Holding Companies here National Scale Ratings Criteria here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW. FITCHRATINGS. COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Money markets ecb cash keeps pushing interbank rates lower


* Euribor, Libor rates keep falling on ECB cash bonanza* Lower state borrowing costs help as well* Any step back in fixing euro crisis could halt the trendBy Marius ZahariaLONDON, Feb 20 The prospect of another large ECB cash injection pushed euro-priced bank-to-bank lending rates to a new one-year low on Monday, a trend that should continue as long as efforts to cut debt and address the euro zone's structural flaws are sustained. Worries about euro zone banks' exposure to heavily indebted sovereigns such as Spain and Italy helped keep interbank lending rates elevated throughout 2011, but those concerns seem to be receding with states' borrowing costs. The game changer has been the 489 trillion euros worth of three-year loans that the European Central Bank pumped into euro zone banks in December. Banks are expected to take a similar amount of cash at another such liquidity operation on Feb. 29."There is this whole new world in which banks are more stable and as long as that's happening you get the fixings coming down," said RBC Capital Markets' head of European rates strategy Peter Schaffrik.

"You don't only have liquidity, but on top of that comes the sovereigns. The less shaky the sovereigns are, the better it is for the banking system. So what was a negative feedback loop at the end of last year turns now into a positive feedback loop."Three-month Euribor rates, traditionally the main gauge of unsecured interbank euro lending and a mix of interest rate expectations and banks' appetite for lending, fell to 1.031 percent from 1.036 percent, hitting their lowest level since January last year. Equivalent Libor rates, fixed in London, dropped to 0.95750 percent from 0.96536 percent.

SLOWING DOWN Bank-to-bank lending rates have fallen by almost a third since late November. Even last week's worries that Greece might fail to reach a second bailout deal and head towards a disorderly default could not halt the trend, as the liquidity factors driving it were simply too strong, according to traders. The mood around Athens has since improved and Europe is expected to sign off on a second Greek bailout package later on Monday, leaving few obstacles in front of falling rates.

But with three-month Euribor rates now close to the ECB's key rate at 1 percent, some analysts expect the trend to lose some of its pace. Signs the euro zone economy is stabilising have also prompted economists to revise predictions the ECB will cut interest rates from a record low 1 percent, and a Reuters poll following this month's policy meeting saw little or no change this year. Barclays strategists expect the rate of decline to roughly halve to 0.4 basis points a day or less, settling at around 0.95 percent in mid-March and 0.80 percent by the summer. The falling trend in interbank rates is also driven by expectations that euro zone politicians will continue to pursue debt-cutting reforms and make progress on fixing the currency union's major flaws, such as the lack of fiscal unity. Any step back will heighten sovereign risks and reignite banking concerns as well, which could stop or even reverse the trend in lending rates, analysts say."If at some point European leaders decide that they've done enough, that would be a policy mistake," said Elwin de Groot, a senior market economist at Rabobank."The (three-year cash injection) is a liquidity solution and not a structural solution to systemic risks, which are much more linked to the flaws such as the lack of fiscal union. They have to make more advances there to cement the (trend)."De Groot said the floor for the current trend should be higher than levels seen before the euro zone crisis escalated. In April 2010, before Greece was given the first bailout, three-month euro Libor was fixing just below 0.60 percent, while Euribor fixings were a few basis points above that level.