JAKARTA: PT Fitch Ratings Indonesia set AA rating for the medium term notes (MTN) of PT Sarana Multigriya Finansial (SMF) II/2010, amounting IDR200 billion. The notes were issued in the end of last month.As stated in Fitchs press release, the final rating was set soon after the company completed all the required documents regarding to the notes issuance. The rating is similar with the expectation rating that was previously estimated when the company addressed its interest to issue the MTN.In the notes issuance, SMF granted 8.5% coupon for the one-year MTN.The proceed derived from such issuance will then be utilized to replace the funds that was lent to mortgage lenders. Last year, SMF lent IDR200 billion for mortgage loans to the sharia unit of PT Bank Tabungan Negara Tbk (BTN).The company is currently in the process of issuing IDR500 billion-IDR800 billion bonds after releasing asset-backed securities last month along with PT Bank Tabungan Negara Tbk, PT Danareksa Investment Management, and PT Bank Mandiri Tbk, amounting IDR750 billion.Government owns 100% SMF's shares where the Ministry of Finance is responsible for operational and monitoring activities. (T02/NOM)
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