Pefindo upgrades Duta Pertiwi rating to idBBB+

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) upgraded the ratings of PT Duta Pertiwi Tbk, a property arm of Sinarmas Group, and the company's bond V/2007 to "idBBB+" from "idBBB".PT Pemeringkat Efek Indonesia--Indonesian local rating agency-- in a press release published today said that the outlook of the company's rating is "stable".The ratings upgrade is driven by the improvement in the company's cash flow protection said analysts at Pemeringkat Efek Indonesia (Pefindo) Rachmadi Kurniawan and Vonny Widjaja.The ratings also reflect the company's conservative capital structure and diversified business portfolio with a large portion of recurring income. However, the ratings are constrained by the postponement of the company's new projects and the nature of property business which is sensitive to the changes in macroeconomic indicators.The company has interest in various projects including landed residential estates, commercial centers, office building and hotels. Duta Pertiwi is well known as the developer of several ITC, famous commercial centers for low to middle income segments.The company is now developing landed residential projects in Grand Wisata in Bekasi, West Java, Taman Permata Buana in West Jakarta and Legenda Wisata in Cibubur, East Jakarta.The company is also the owner of Plaza Bank Internasional Indonesia in Jakarta and Grandeur hotels in Jakarta and Balikpapan, East Kalimantan. At the end of March this year, the company was controlled by PT Bumi Serpong Damai Tbk with 85.3% ownership and public owned 14.7%.The DUTI-coded stock remained unchanged at IDR1,900 at the Jakarta Stock Exchange as of 10.33 a.m. local time. (msw)

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