Sep 05 2012 |
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PT Pupuk Kalimantan Timur Affirmed at "idAA"
PEFINDO affirmed its "idAA" ratings on PT Pupuk Kalimantan Timur (PPKT or the Company) and its Bond II/2009 and "idAA(sy)" rating of its Sukuk Ijarah I/2009. The outlook of the ratings is "Stable". The ratings reflect the strategic importance of fertilizer industry for the country resulting in strong support from the government, PPKT's strong position in the fertilizer industry, and stable natural gas supply leading to high utilization rate. However, the ratings are constrained by PPKT's higher leverage in the near term in relation with its expansion to increase the production capacity.
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