Fitch rates Panin Sekuritas bonds A-(idn)

Fitch Ratings said it assigned national ratings of A-(idn) to PT Panin Sekuritas Tbk. and its existing Rp 200 billion senior unsecured bonds due in 2012.

The outlook is stable.

The rating takes into account the entity's profitable but volatile earnings profile, well-managed securities brokerage and share financing operations, moderate capital and leverage positions, as well as the possibility of limited support from one of its substantial shareholders, Bank Pan Indonesia, Fitch said.

Panin Sekuritas continues to share a common corporate identity with Panin Bank despite the divestment of the latter's ownership from a 40% stake in 2007, the agency said. Any change in ownership and/or perception of support from the bank may have rating implications for Panin Sekuritas, Fitch added.

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