Definisi Peringkat Obligasi

Rating Definitions & Outlook


PEFINDO's rating serves issuers, insurers, counterparties, intermediaries and investors in the Indonesian financial markets by providing both Debt Specific Ratings which apply to specific debt instruments, and Company Ratings which apply to companies or obligors. Indonesian obligors include all active borrowers, guarantors, insurers and other providers of credit enhancement domiciled in Indonesia, as well as any foreign obligor active in the Indonesian financial markets. PEFINDO ratings are characterized by the use of the "id" prefix to underline that the ratings are assigned within an Indonesian context.

A PEFINDO rating is not a recommendation to purchase, sell, or hold a specific debt security issued by a company, as it does not comment on market price or suitability for a particular investor. Ratings are based on current information furnished by the obligors or obtained by PEFINDO from other sources deemed reliable. PEFINDO does not perform an audit in connection with any rating, and may, on occasion, rely on unaudited financial information. Credit Ratings may be changed, suspended, or withdrawn as a result of material changes in a company's debt servicing capacity.

Rating (Score) Definition


idAAA (9) An obligor rated idAAA has a superior capacity to meet its long-term financial commitments relative to that of other Indonesian obligors.

idAA (8) An obligor rated idAA differs from the highest rated obligors only to a small degree, and has a very strong capacity to meet its long-term financial commitments relative to that of other Indonesian obligors.

idA (7) An obligor rated idA indicates that, the obligor has a strong capacity to meet its long-term financial commitments relative to that of other Indonesian obligors. However, the obligor is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than higher-rated obligors.

idBBB (6) An obligor rated idBBB has an adequate capacity to meet its long-term financial commitments relative to that of other Indonesian obligors. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.

idBB (5) An obligor rated idBB has a somewhat weak capacity to meet its long-term financial commitments relative to that of other Indonesian obligors. The obligor faces ongoing uncertainties or exposure to adverse business, financial or economic conditions which could result in an inadequate capacity on the part of the obligor to meet its financial commitments.

idB (4) An obligor rated idB has a weak capacity to meet its long-term financial commitments relative to that of other Indonesian obligors. Adverse business, financial or economic conditions will likely impair the obligor’s capacity to meet its financial commitments.

idCCC (3) An obligor rated idCCC is currently vulnerable and is dependent upon favorable business and financial conditions to meet its financial commitments.

idSD (2) An obligor rated idSD ("Selective Default") has failed to pay one or more of its financial obligations, rated or unrated, when it came due. An "SD" rating is assigned when PEFINDO believes that the obligor has selectively defaulted on a specific issue or class of obligations but will continue to make timely payments on its other obligations.

idD (1) The obligor is in default to meet its long-term financial commitments. The obligor’s has no capacity to meet its’s short-term financial commitments.

The ratings from idAA to idB may be modified by the addition of a plus (+) or minus (-) sign to show relative strength within the rating category.

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