S&P stabilizes Perusahaan Pengelola view

S&P said it revised its outlook for PT Perusahaan Pengelola Aset to stable from negative and affirmed its BB ratings.

“We revised our outlook to stable on account of the company's strengthened capital base and more circumspect approach to asset growth, despite economic headwinds from external challenges,” S&P said in a press release.

The company raised about Rp 1.68 trillion through bond sales in the Indonesian capital market in June.

“The financing comprises three-year and five-year bonds with a funding cost of 7% and 7.8% per annum, respectively, lower than PPA's budgeted overall funding costs of 8.5%. These bonds provide diversification and an alternative source of funding to PPA's traditional reliance on interbank funding and government capital injections,” the agency said.

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