PEFINDO Affirmed “idBBB+” for PT Radiant Utama Interinsco Tbk and its MTN I/2013
PEFINDO has affirmed its “idBBB+” ratings for PT Radiant Utama Interinsco Tbk (RUIS) and its Medium Term Notes (MTN) I/2013. The outlook of the corporate rating is “stable”. The ratings reflect its moderate market position with long experience in the oil and gas support services, sufficient contract backlog, and diversified business. However, the ratings are constrained by its aggressive capital structure, the volatility of the oil and gas sector, and its concentrated revenue to certain customers.
Founded on August 22, 1984, RUIS provides operating support services to the oil and gas sector in Indonesia in addition to inspection services, agency and offshore services. As of March 31, 2015, its shareholders consisted of PT Radiant Nusa Investama (22.6%), Mr. Haiyanto (27.5%), and others including the public (49.9%).
Date : 18 Mei 2015