SMAR Dowgraded to idA+/Sta; MAYA Outlook Revised Back to Stable

Pemeringkat Efek Indonesia (Pefindo) has downgraded rating on rating Sinar Mas Agro Resources and Technology Tbk (SMAR IJ) to idA+/Sta from idAA-/Neg, driven by its high leverage which likely to sustain on short to medium term, weak cash flow, and lower production volume which will translate into higher debt to finance its working capital. The outlook on Bank Mayapada Tbk (MAYA:IJ) was revised back to ‘stable’ from negative as the company has able to managed relatively healthy asset quality with its non-performing loan sits at 2.0% in 1H2016, or below the average industry of 3.1%. The corporate rating was affirmed at idA- while its subdebt III/2013 and subdebt IV/2014 rated at idBBB+ and idBBB respectively.

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