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July 11 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has affirmed the ratingsNational Long-Term METRODATA Electronics Tbk PT (METRODATA) ‘BBB + (idn)‘with a stable outlook and at the same time also drew a rating.
Rating withdrawn as Fitch considers that the ratings are no longer relevantthe coverage from Fitch. Fitch will no longer provide ratings andanalysis of corporate reports.
METRODATA rating reflects its position as the largest IT distributorin Indonesia with more than 1,500 active dealer. METRODATA distribute approximately 20% of the sales of Lenovo, HP, and ASUS in Indonesia. also rankedMETRODATA of metrics supported by conservative leverage a small (2012adjusted net debt / EBITDAR: below 0.2 x) and strong coverage (2012 funds fromoperations interest coverage: 8.9 x).
Rating METRODATA limited at the current level for the operating marginEBITDAR is lower (2012: 5.5%), small scale (EBITDAR: IDR287 billion),the low barrier in the industry and the growing need of working capitalrevenue growth. Fitch believes that liquidity will METRODATAremains adequate for strong access to funding, with bank facilitiesshort-term more than five banks. Payment success IDR76, 5 billion sukukijara maturing in July 4, 2013 indicating inadequate liquidity ofcompany.