Jul 12, 2011

Pefindo affirms idAA for Jasa Marga

PT Pemeringkat Efek Indonesia (Pefindo) has affirmed its idAA ratings of PT Jasa Marga (Persero) Tbk, hereinafter referred to as JSMR or the company and its outstanding bonds totaling to Rp5.0 trillion. 
The outlook of the issuer rating is stable.  
The ratings reflect JSMR’s dominant position in toll road sector, steady revenue growth mainly driven by successful expansion and better tariff structure, strong profitability indicators, and strong financial flexibility. 
The ratings, however, are offset by JSMR’s aggressive capital structure and business risks related to the development of new toll roads.
JSMR is the largest toll road operator in Indonesia with toll portfolio which includes Jagorawi, Jakarta Inner-City, Prof. Dr. Ir. Sedyatmo, Jakarta-Cikampek, Jakarta-Tangerang, Ulujami-Pondok Aren, Jakarta Outer Ring Road (JORR), Padalarang-Cileunyi, Cipularang, Surabaya-Gempol, Semarang, Belmera, Palikanci, and Bogor Ring Road (BORR). 
Jasa Marga's shareholders at end-March 2011 consisted of the Government of Indonesia (70%), Morgan Stanley & Co. Intl. Plc. (2.5%), management and employees (0.6%), and the public (26.9%).

Disclosure: No position at the stock mentioned above.  

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