JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) re-assigned idAAA rating to asset-backed collective investment contract of KIK EBA Danareksa SMF I-KPR BTN amounting IDR76.3 billion based on the cut-off date on 9 June 2010.Analysts of Pefindo, Hendro Utomo and Danan Dito, in the statement submitted today said that the rating particularly reflected the strong and impressive profile of PT Bank Tabungan Negara as the service provider, the striking profile of its securitized housing loans along with the credit enhancement in B-class EBA form and the liquidity reserves from PT Sarana Multigriya Finansial.Yet, this rating is somehow limited by the uncertainty over the return of the foreclosed assets, said both analysts.Bank Tabungan Negara as the creditor initially sold 5,060 housing loans in one asset category to PT Danareksa Investment Management. Based on the assets, Danareksa Investment and Bank Rakyat Indonesia as the custodian banks then established collective investment contract issuing asset-backed securities. (T02/NOM)
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