Moody's assigns A1.id NSR for Panin Sekuritas's proposed debt issuance

Moody's Investors Service has today assigned an A1.id National Scale Rating to PT Panin Sekuritas Tbk's ("Panin") proposed issuance of IDR200 billion in Obligasi Panin Sekuritas III Tahun 2007 debt and its outstanding Obligasi Panin Sekuritas I Tahun 2003.

The proposed bond will mature in May 2012. The rating outlook is stable.The suffix ".id" identifies the rating as country specific, in this case Indonesia."The A1.id rating for Panin's proposed debt is based on the company's positive earnings trend and anticipated shareholder support from Panin Bank," says Iwan Wisaksana, a Moody's VP/Senior Analyst and lead analyst for the company, today.

PT Panin Sekuritas was establish in 1989 and has a license from the Indonesian Capital Market Supervisory Agency for stockbrokerage, underwritering and fund management.Currently, PT Panin Bank, TBK is the biggest shareholder of PT Panin Sekuritas, Tbk with a share ownership of 40.02%.

PT Panin Sekuritas has 3 offices in the Jakarta area, one in Bandung and one in Medan.Moody's National Scale Ratings are intended for use primarily by domesticinvestors in those countries where Moody's National Scale Ratings exist- such as Indonesia - and serve to rank debt obligations in a particular country relative to each other.Specifically, a rating of Aaa.id on Moody's Indonesia National Scale indicates an issuer or issue with the strongest domestic creditworthinessand the lowest likelihood of credit loss on local currency obligations,relative to other local issuers or issues.Moody's National Scale Ratings are not intended to be globally comparable. Moody's also emphasizes that National Scale Ratings are not opinions onabsolute default risks. In this respect they are different to Moody'sglobal scale ratings assigned to Indonesian or other nationality institutions - which do not carry the ".id" suffix.Only Moody's global scale ratings are directly comparable to other Moody's global ratings assigned elsewhere in the world, which therefore do address absolute default risk.