JAKARTA: Indonesian rating agency PT Pemeringkat Efek Indonesia affirmed the ratings of PT PAM Lyonnaise Jaya and the company's bond I/2005 at "idA" with a "Stable" outlook.
Analysts at Pemeringkat Efek Indonesia (Pefindo) Rifan Firmansyah and Doni Kuswantoro, in a press release today, said that the ratings reflect the high demand of clean water in the company's serviced area, its good operating performance and strong cash flow protection measures.
However, the ratings are constrained by lack of water charge adjustment, risk on retained collection from the customers upon PAM Jaya actions, and less diversified raw water supply.
PAM Lyonnaise is the operator for clean water for the west part of Jakarta. The company operates under a contract with PAM Jaya, the concession holder of the water supply in Jakarta. At the end of March 2011, the shareholders are Suez Environnement with 51% of ownership and PT Astratel Nusantara with 49% of ownership.(NOM)
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Source: http://www.bisnis.com/corporate/26244-pam-lyonnaise-jayas-bond-i2005-rated-ida
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