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-Batavia Dana Kas Maxima gets lower rating from PEFINDO.

BANKING AND CREDIT NEWS-March 7, 2011--Batavia Dana Kas Maxima gets lower rating from PEFINDO(C)2011 M2 COMMUNICATIONS

7 March 2011 -- Indonesian credit rating agency PEFINDO has lowered its credit quality rating on open-ended money market mutual fund Batavia Dana Kas Maxima to idAAf from idAA+f.

The manager of the fund is PT Batavia Prosperindo Aset Manajemen.

The rating is based on the fund's portfolio as of 31 January 2011, the agency noted.

According to PEFINDO, the underlying assets of the fund provide strong protection against losses from credit defaults.

"The rating downgrade was triggered by increasing portion of 'BBB' and below rated assets to 12.2% as of 31 January 2011 from 10.3% as of 30 December 2010, while portion of 'AA' rated assets decreased to 36.4% from 42.1% during the same period," the agency said.

Indonesian government debt securities are included in the AAA rated portion. Although not rated the government papers are seen commensurate with a AAA rating. The agency considers those securities to be of "the strongest credit quality" among debt issues in Indonesia.

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 7, 2011
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