December 19, 2016 / 8:57 AM / 7 months ago

Fitch Afirmasi Peringkat PT Sinar Mas Multifinance di 'A-(idn)'

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(The following statement was released by the rating agency) JAKARTA, December 19 (Fitch) Fitch Ratings Indonesia telah mengafirmasi peringkat Nasional Jangka Panjang PT. Sinar Mas Multifinance di 'A-(idn), peringkat Nasional Jangka Pendek di 'F2(idn)', dan peringkat hutang senior di 'A-'. Outlook stabil. Peringkat nasional di kategori 'A' menunjukkan ekspektasi akan resiko gagal bayar yang rendah relatif terhadap emiten atau surat utang lainnya di Indonesia. Namun adanya perubahan pada keadaan atau kondisi ekonomi bisa saja mempengaruhi kapasitas untuk membayar secara tepat waktu dibandingkan komitmen keuangan yang ditunjukkan oleh kategori peringkat yang lebih tinggi. Peringkat Nasional 'F2' mengindikasikan kapasitas membayar komitmen keuangan secara tepat waktu yang baik relatif terhadap emiten atau surat utang lainnya di Indonesia. Namun, margin keamanan tidak sebesar yang ada pada peringkat yang lebih tinggi. FAKTOR-FAKTOR PENGGERAK PERINGKAT PERINGKAT NASIONAL Peringkat Nasional didorong oleh ekspektasi Fitch dari kemungkinan moderat untuk dukungan extraordinary yang berasal dari pemilik saham 99.99%, PT Sinar Mas Multiartha Tbk (SMMA), pada saat yang dibutuhkan. SMMA adalah perusahaan di Grup Sinar Mas yang fokus kepada sektor jasa keuangan yang terintegrasi mencakup bank, asuransi, dan perusahaan pembiayaan. Namun, dukungan ini terbatas, karena Fitch memandang bahwa SMMF adalah anak perusahaan yang memiliki kepentingan terbatas berdasarkan kontribusinya yang kecil terhadap waralaba keseluruhan dari SMMA dibandingkan dengan anak perusahaan SMMA yang bergerak di bidang asuransi dan bank. SMMF menyediakan jasa pembiayaan konsumen, anjak piutang, dan sewa guna usaha, tetapi total aset dan modal dari SMMF hanya mewakili sekitar 6% dari keuangan konsolidasi SMMA di akhir September 2016. Profil kredit mandiri SMMF mencerminkan waralaba yang kecil, appetite pertumbuhan pembiayaan yang tinggi, dan kualitas aset yang lemah, yang diseimbangkan dengan permodalan yang memuaskan. SMMF adalah perusahaan pembiayaan yang kecil, yang memiliki kurang dari 1% dari total piutang bersih industri pembiayaan di Indonesia di akhir September 2016. Portofolio piutang pembiayaan tumbuh 21% hingga September 2016, jauh diatas rata-rata pertumbuhan industri di sekitar 2%. Fitch memandang bahwa pertumbuhan cepat dari buku pembiayaan SMMF akan meningkatkan resiko dari deteriorasi kualitas aset di waktu mendatang. Rasio NPL dari SMMF (jatuh tempo lebih dari 90 hari) berada di 2.5% di akhir September 2016, lebih tinggi dari rata-rata industri di 2.2%, dan Fitch memandang bahwa kualitas aset akan tetap berada dalam tekanan di 2017 karena kondisi ekonomi yang terus menantang. Profitabilitas SMMF meningkat di September 2016, yang tercermin dari ROA yang lebih tinggi di 2.3% (akhir-2015: 1.6%), walau masih berada di bawah rata-rata industri di 3.7%. Fitch mengekspektasikan peningkatan yang lebih jauh dari performa pendapatan perusahaan akan terpengaruh oleh potensi peningkatan dari credit costs yang lebih tinggi yang diakibatkan pertumbuhan yang tinggi. Karena pertumbuhan yang tinggi, SMMF telah menjaga posisi leverage yang rendah dibandingkan dengan appetite resiko yang tinggi; rasio debt-to-equity di 1.9x tercatat lebih rendah dari rata-rata industri yang berada di 3.0x. PERINGKAT SURAT HUTANG Obligasi senior SMMF diperingkat pada tingkat yang sama dengan Peringkat Nasional Jangka Panjang, sesuai dengan kriteria Fitch. SENSITIVITAS PERINGKAT PERINGKAT NASIONAL Pelemahan dalam keterkaitan antara SMMF dan SMMA, seperti penurunan yang signifikan dari kepemilikan SMMA atau referensi bisnis antar grup, atau melemahnya kecenderungan dukungan finansial dari SMMA, dapat memberikan dampak negatif terhadap peringkat SMMF, meskipun Fitch menganggap hal ini kecil kemungkinannya di masa mendatang. Peningkatan peranan yang signifikan dari SMMF untuk mendukung perusahaan afiliasi yang bergerak di bidang perbankan untuk menyediakan produk perbankan ritel yang dapat memperkuat waralaba SMMA, atau perubahan signifikan dari kontribusi SMMF's terhadap profil kredit SMMA, dapat memberikan dampak positif terhadap peringkat SMMF. PERINGKAT SURAT HUTANG Perubahan peringkat Nasional SMMF dapat memperngaruhi peringkat surat hutangnya. Kontak: Analis Utama Tomi Rustamiaji Analis +6221 29886810 PT Fitch Ratings Indonesia DBS Bank Tower Level 24 Jl. Prof. Dr. Satrio Kav.3-5 Jakarta, Indonesia 12910 Ketua Komite Jonathan Lee Senior Director +886 2 8175 7601 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Catatan: Peringkat Nasional Fitch menggambarkan ukuran relatif atas kredibilitas entitas yang diperingkat di negara-negara yang memiliki peringkat sovereign relatif rendah dan ada kebutuhan untuk dilakukan pemeringkatan dimaksud. Peringkat terbaik di suatu negara adalah 'AAA' dan peringkat lainnya menggambarkan tingkat risiko relatif terhadap peringkat 'AAA'. Peringkat nasional dirancang untuk digunakan oleh sebagian besar investor lokal di pasar lokal dan diidentifikasi dengan menggunakan tambahan tanda sesuai dengan negara masing-masing. Sebagai contoh 'AAA(idn)' untuk Peringkat Nasional di Indonesia. Karenanya, peringkat ini tidak dapat dibandingkan secara internasional. 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