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-Batavia Dana Kas Maxima slips down PEFINDO rating scale.

M2 EQUITYBITES-February 17, 2011--Batavia Dana Kas Maxima slips down PEFINDO rating scale(C)2011 M2 COMMUNICATIONS http://www.m2.com

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

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

The rating is based on the fund's portfolio as of 30 December 2010, 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 below 'A' rated assets to 10.7% as of 30 December 2010 from 2.6% as of 30 November 2010, while portion of 'AA' rated assets decreased to 42.1% from 48.9% 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 EquityBites (EQB)
Date:Feb 17, 2011
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