Moody's rates Tirta Pakuan Kota Bogor Baa2.id

Moody's Investors Service said it assigned a first time national scale corporate family rating of Baa2.id to PDAM Tirta Pakuan Kota Bogor.

The outlook is stable.

The rating reflects its very stable business, resulting from the almost monopolistic status it enjoys in its services area of Bogor, a city south of Jakarta, Moody's said. The company has a stable and healthy financial profile, the agency said.

The rating is constrained by the company's track record of non-repayment on loans from Asian Development Bank in 2005 and 2006, a situation that raises concerns over its commitment to financial discipline in the future, Moody's said.

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