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Summary: PT Bakrie Sumatera Plantations Tbk. Jun 11

Description:
Abstract
The rating on PT Bakrie Sumatera Plantations Tbk. (BSP) reflects the company's large short-term debt maturities, aggressive expansion into downstream assets, and exposure to the cyclicality in crude palm oil (CPO) and rubber prices. The steady demand for CPO, which we expect will sustain over the next one to two years, partly offsets these weaknesses. In addition, BSP's management has an established record and experience in the plantation business. BSP's largely debt-funded expansion program is aggressive, in our view. The company has more than tripled its palm plantations in the past three years. It had about 113,000 hectares (ha) under palm cultivation as of Dec. 31, 2010. BSP owns about 60% of this cultivable area and its subsidiary Agri International...

Companies mentioned in this report are: PT Bakrie Sumatera Plantations Tbk.
Action: Review


Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
 
Companies Mentioned
PT Bakrie Sumatera Plantations Tbk.
 
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