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Can Indonesian Corporate Issuers Maintain Adequate Liquidity While Pursuing Growth? Jun 11
Standard & Poors, June 2011
Abstract
Loan refinancing needs, rising working capital requirements, and heavy capital expenditures are likely to test the liquidity of Indonesian corporate issuers in the coming months. Standard & Poor's Ratings Services believes some of the Indonesian issuers in the 'CCC' and 'B' rating categories with weak liquidity are likely to experience downward rating pressure in the next six to 12 months, despite stabilization or improvements in their business risk profile. Additionally, companies with a history of default or debt restructuring will likely be at a disadvantage when seeking refinancing. On the other hand, we expect some of the 'B' rated Indonesian corporate issuers and those rated 'B+' and above to maintain adequate to strong liquidity over the coming 12 months because...
Companies mentioned in this report are: PT Matahari Putra Prima Tbk.,PT Medco Energi Internasional Tbk.,PT Antam (Persero) Tbk.,PT Gajah Tunggal Tbk.,PT Energi Mega Persada Tbk.,PT Davomas Abadi Tbk.,PT Lippo Karawaci Tbk.,PT Sulfindo Adiusaha,PT Arpeni Pratama Ocean Line Tbk.,PT Bakrie Sumatera Plantations Tbk.,PT Media Nusantara Citra Tbk.,PT Fajar Surya Wisesa Tbk.,PT Berlian Laju Tanker Tbk.,Agri International Resources Pte. Ltd.,PT Chandra Asri Petrochemical Tbk.,PT Bakrie Telecom Tbk.,PT MNC Sky Vision,PT Uniflora Prima
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.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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