JAKARTA | PT Pemeringkat Efek Indonesia (Pefindo) has assigned a AA rating to Perum Jamkrindo (Jamkrindo). The company's outlook is set as stable.
"The rating period is valid from April 25, 2016, to April 1, 2017," said Pefindo analyst Adrian Noer on Thursday (26/5).
Adrian stated that the rating reflects the company's important role for the Indonesian government, its very strong business position in the credit guarantee services sector, and its very strong capital structure.
"This rating result is still influenced by the high claims costs, which have resulted in moderate operational outcomes from the guarantee business," Adrian said.
For reference, Jamkrindo was established in 1970 as the Cooperative Credit Guarantee Institution (LJKK). Jamkrindo is a State-Owned Enterprise (BUMN) with 100% ownership by the Government of Indonesia.
The company operates in the credit guarantee services sector, specifically for Micro, Small, and Medium Enterprises and Cooperatives (UMKMK), by providing various guarantee products.
Jamkrindo was appointed as the Credit Guarantee Company for the People's Business Credit (KUR), a government-guaranteed credit program, since 2007.
The company is headquartered in Jakarta and is supported by 9 Regional Offices, 56 Branch Offices, and 10 Service Unit Offices located in major cities across Indonesia, with a total of 548 permanent employees.
Jamkrindo currently owns PT Penjaminan Jamkrindo Syariah (Jamsyar) as a subsidiary since September 2014. (Source: Kontan.co.id)