S&P assigns Mitra Pinasthika Mustika notes B+

Standard & Poor’s said it assigned its B+ long-term corporate credit rating to PT Mitra Pinasthika Mustika Tbk. (MPM). The outlook is stable.

S&P also assigned a B+ long-term issue rating to the proposed senior unsecured notes that MPM’s wholly owned subsidiary MPM Global Pte. Ltd. will issue. MPM unconditionally and irrevocably guarantees the notes.

At the same time, S&P assigned its axBB long-term Asean regional scale rating to MPM.

“The rating on MPM reflects the company’s high product and geographic concentration and execution risk in scaling up its diverse businesses, in some of which it has a limited track record,” said S&P credit analyst Abhishek Dangra in a news release. “MPM’s established motorcycle distribution business, long relationship with manufacturer PT Astra Honda Motor (Astra), and diverse operations temper these weaknesses.”

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