SMAR’s Outlook Revised to Negative

Pemeringkat Efek Indonesia (Pefindo) has revised Sinar Mas Agro Resources and Technology Tbk (SMAR:IJ) outlook to negative from stable. The outlook revision reflects SMAR’s weakening capital structure and cash flow protection. SMAR booked lower EBITDA margin during 9M15 due to continued low CPO price, while its debts increase partially because of foreign exchange debt following IDR depreciation. SMAR’s rating could be lowered if i) its capital structure and cash flow protection sustain in aggressive category; ii) the company carry out additional debt more than projected. However, Pefindo maintained SMAR’s rating and its Shelf Registered Bond I/2012 at ‘idAA-‘.

Eximbank on Positive Outlook; PPRO Outlook Revised to Negative

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

Japfa’s Outlook Revised Back to Stable

Domestic Economic Data Encouraged the Rupiah Strengthening This Week

The Movement of the Rupiah This Week