Oct 6, 2010

Ciliandra bonds rating lifted to idA+

Stellar rating agency PT Pemeringkat Efek Indonesia (Pefindo) has upgraded the ratings of CPO player PT Ciliandra Perkasa and its outstanding Bond II/2007 to idA+ from idA.  The outlook for the ratings is stable.
The upgrade reflects Ciliandra's improving plantation profile, less aggressive capital structure, as well as its sound operating management. 
The higher ratings, however, are still constrained by potentially under utilization of the company’s biodiesel facility and its exposure to the cyclicality of commodity price and unfavorable weather.
Ciliandra is a private plantation company engaged in palm oil estate and also processing. 
At end of 1H 2010, Ciliandra land bank amounting to 106,687 hectare (ha) consisted of 91,107 ha palm oil plantation, 8,011 ha infrastructure-housing area, and 7,569 ha unplanted area.
Established in July 1992, Ciliandra is now supported by 7,697 employees, equipped with 8 palm oil mills and soon 1 fractionation plant. 
The company’s shareholders as of 1H 2010 consisted of First Resources Limited with 95.51% shares and PT Fangionoperkasa Sejati of 4.49%.

Disclosure: No position at the stock mentioned above.

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