INDONESIA - RATINGS - Pegadaian

www.pefindo.com -PEFINDO affirmed its “idAA+”
ratings of PT Pegadaian (Persero) (PPGD or the Company) and the
Company’s outstanding Bonds X, XI, XII and XIII, Shelf Registration Bond
I/2011 Phase I and Phase II/2012, as well as MTN II/2011.  PEFINDO also
affirmed its “idAA+(sy)” rating for the Company’s MTN Ijarah I/2011. Outlook for the corporate rating is “stable”. 
The ratings reflect