JAKARTA: PT Pemeringkat Efek Indonesia raised the corporate rating of PT Summit Oto Finance and the company's outstanding bond III/2009 and bond IV/2010 to "idAA" from "idAA-". Outlook for the corporate rating is "stable".Analysts at Pemeringkat Efek Indonesia Dimas Aditya and Hendro Utomo in a press statement published today said the rating upgrade is attributable to higher likehood of support from Sumitomo Corporation, Japan.The rating reflects strong and proven support from the parent, the company's strong market position and strong capitalization.However the rating is constrained by worsened asset quality.The company's readiness to pay its maturing bond IV/2010 series A amounting to IDR300 billion is supported by the availability of unused credit facility amounting to IDR5 trillion as of April 2011.Summit Oto Finance is a finance company that provides financing for new motorcycle sales. As of December 2010, the company was owned by Sumitomo Corporation, Japan (85%), PT Summit Auto Group (4.56%), PT Sumitomo Indonesia (10%), PT Sinarmas Multiartha Tbk (0.16%) and President Director Djohan Marzuki (0.28%). (NOM)
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