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Summary: PT Bakrie Sumatera Plantations Tbk. Nov 11

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Abstract
The rating on Indonesia-based plantation company PT Bakrie Sumatera Plantations Tbk. (BSP) reflects the company's sizable debt maturities in the next 12 months and weak operating efficiency. The rating also reflects the volatility in BSP's earnings due to its exposure to the cyclicality in the prices of crude palm oil (CPO) and rubber. Our expectation of steady CPO demand over the next one to two years and the commencement of BSP's downstream facilities partly offset the above weaknesses. The BSP management's established record and experience in the plantation business also underpin the rating. In our view, BSP's likely refinancing of US$150 million notes issued by its 99.02% owned subsidiary Agri International Resources Pte. Ltd. (CCC+/Negative/--) will add to its sizable...

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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Summary: PT Bakrie Sumatera Plantations Tbk. Nov 11

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