Danareksa handle BFI bonds

PT BFI Finance Indonesia Tbk picks PT Danareksa Sekuritas to handle bonds IDR200 billion.
PT Pemeringkat Efek Indonesia affirmed at idA- the rating for BFI Finance and at the same time assigned idA- rating for the proposed Bond II/2009 with a maximum amount of IDR200 billion. Outlook for the ratings is stable.
The ratings reflect the company’s relatively strong business position in used car financing segment, strong capitalization and profitability indicators. However, the ratings are constrained by increasing Non-Performing Receivables (NPR), limited access to funding source and intensifying competition in the used car financing segment.
As of 31 July 2009, BFI Finance is owned by The Northern Trust S/A AVFC (19.45%), Deutsche Bank AG London 212688.40.00 (17.79%), CS Securities Europe Ltd Prime Brokerage (15%), Mellon Bank NA S/A Mackenzie Cundill Emerging (5.8%) and public (41.96%).