Pertiwi rating reaffirmed

JAKARTA (JP): Local ratings agency Pefindo reaffirmed on Friday its rating of publicly listed PT Duta Pertiwi's bonds I, II and III at idBB+.

Pefindo said that the rating reflected Duta's strong market position, sustained quality and product diversity.

It said it also took into account the company's commitment to continue serving its financial obligations.

Its strong market position was offset by limited financial performance, Pefindo said, adding that the company's sales decreased from Rp 461 billion in 1997 to Rp 432 billion in 1998. Sales for the first half of the year reached Rp 129 billion although its profit margin increased due to a reduction in costs. (hen)