ELTY GETS "BBB+" RATINGS

Jakarta, Feb. 16 (ANTARA) - Indonesian credit rating agency Pefindo affirmed its "BBB+" ratings for publicly listed property company PT Bakrieland Development Tbk. (ELTY) and its bond I/2008 worth RP500 billion, saying they had a stable outlook.

The ratings reflected a strong business position of the company, - one of the largest national property developers, the company's adequate asset quality, and quite conservative capital structure, Vonny Widjaja, a Pefindo analyst, said here on Monday.
However, the ratings were constrained by a slide in property demand, and an increase in short-term investment risk due to unstable financial market development, tight competition, and the company's relatively small permanent earnings, she said.
ELTY owns big property projects in Jakarta and Bogor as well as infrastructure (Toll road) business, and a clean water supply company.
The company's share holders include PT Bakrie Brothers Tbk. (19.37 percent), CGMI (15.5 percent), Samuel Securities (5.62 percent), and the public (59.56 percent).