PEFINDO REAFFIRMS "idAA-" RATINGS FOR ASTRA

Jakarta, Feb. 23 (ANTARA) - Indonesian credit rating agency PT Pefindo has reaffirmed "idAA-" ratings for PT Astra Sedaya Finance (ASFN) and the company's bound VI/2005 until IX/2008.

"Pefindo also affirms "idAA-" ratings for the company's planned bound X/2009 worth Rp2 trillion. The ratings' prospect is stable," Pefindo said in a statement to the Indonesian Stock Exchange (BEI) here on Monday.
The ratings reflected the company's capability in maintaining its leadership in the car financing service, diversified business portfolio, and good asset quality, Yulia Ansari and Hendro Utomo, Pefindo's analysts, said.
However, the ratings were constrained by potential business slump due to the impacts of the current global financial crisis and a tight business competition.
PT Astra Sedaya Finance was established in 1982, as part of the Astra Group which specializes in new and old car financing services.
The company has 36 branch offices, 13 service points and around 2,300 dealers in a number of big cities in Indonesia.
Per October 2008, the company's shares were owned by the Astra Group (53 percent), through PT Astra International Tbk (44.28 percent), and PT Sedaya Multi Investama (8.72 percent).
PT General Electric Services, a subsidiary of US multinational company General Electric, owned the remaining 47 percent.