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Cara Melihat Rating Obligasi di PEFINDO

Rating PEFINDO obligasi perusahaan
Rating PEFINDO obligasi perusahaan

Apa Itu PEFINDO?

PT. PEFINDO (Pemeringkat Efek Indonesia) adalah market leader dalam pemberian rating perusahaan – perusahaan di Indonesia.

Rating sendiri adalah penilaian yang terstandarisasi terhadap kemampuan suatu negara / perusahaan dalam membayar hutang-hutangnya.

Rating dikeluarkan oleh perusahaan pemeringkat, dimana perusahaan pemeringkat ini harus mendapatkan izin dari pemerintah Indonesia. PEFINDO adalah salah satu perusahaan pemeringkat yang sudah mendapatkan izin untuk memberikan rating bagi perusahaan di Indonesia, dan kita bisa melihat rating obligasi.

Cara Melihat Definisi Rating PEFINDO

Untuk melihat definisi rating PEFINDO, dapat download file yang ada di web tersebut.

Download : PEFINDO Rating Definitions

PEFINDO membagi peringkat/rating menjadi beberapa kelompok:

  1. Peringkat atas perusahaan atau pemerintah daerah
  2. Peringkat atas utang jangka panjang dan menengah
  3. Peringkat atas instrumen pendanaan syariah jangka panjang dan jangka menengah
  4. Peringkat atas kekuatan keuangan perusahaan asuransi/pinjaman
  5. Efek reksadana
  6. Peringkat atas efek utang jangka pendek
  7. Peringkat atas instrumen pendanaan syariah jangka pendek
PEFINDO RATING GRADE
PEFINDO RATING GRADE

Cara membacanya simpel:

  • AAA lebih tinggi dari AA+.
  • AA+ lebih tinggi dari AA.
  • AA lebih tinggi dari AA-.
  • AA- lebih tinggi dari A+.
  • A+ lebih tinggi dari A
  • A lebih tinggi dari A-

Untuk lebih jelasnya lihat gambar diatas. Semakin atas peringkatnya maka perusahaan/obligasi tersebut diberikan lebih tinggi oleh PEFINDO.

Untuk Apa Kita Mengetahui Rating Perusahaan/Obligasi?

PEFINDO ada membuat data riset yang dapat diakses umum oleh publik, terkait dengan relevansi rating perusahaan / obligasi terhadap kasus default (gagal bayar).

Anda bisa akses risetnya di link : https://pefindo.com/fileman/file?file=96

Cumulative average Default Rate PEFINDO
Cumulative average Default Rate PEFINDO

Jika kita melihat table diatas, kita bisa melihat semakin tinggi peringkat rating obligasi/perusahaan oleh PEFINDO semakin kecil kemungkinan terjadinya default (kasus gagal bayar).

Risiko default juga menjadi lebih besar seiring time horizon yang lebih panjang.

Mari kita lihat beberapa data unik:

  • Peringkat AA mulai ada kasus default sebesar 0.19% di tahun kelima
  • Peringkat A di tahun pertama hanya 0.33% kemungkinan default dan seiring bertambahnya time horizon tingkat default bertambah besar.
  • Yang kita harus waspada adalah jika perusahaan sudah mendapatkan peringkat BB, dimana kemungkinan kasus default sudah 51.18%
  • Jika sudah mendapatkan peringkat CCC maka tingkat default sudah 100%.

Hal ini yang menyebabkan perusahaan Indonesia dengan rating PEFINDO lebih rendah memiliki tingkat return obligasi yang lebih besar. Karena risiko gagal bayar semakin besar dan semakin sulit dari mereka untuk mendapatkan pinjaman dari lembaga keuangan lainnya.

Sektor Industri Apa yang Paling Rawan Default?

Dari 28 jenis industri yang saat ini dikategorikan oleh PEFINDO hingga akhir 2018, default hanya terjadi di 5 jenis industri, yaitu:

Default Rate Per Jenis Industri PEFINDO
Default Rate Per Jenis Industri PEFINDO
  • Consumer Goods – 10%
  • Finance Company – 6.06% –> NB: Finance company ini bukan banking karena banking di line nomor 3
  • Shipping and Marine Transport Services – 100%
  • Telecommunications – 14.29%
  • Transportation – 25%

Cara Melihat Rating Perusahaan/Obligasi PEFINDO untuk emiten

Masuk ke URL https://www.pefindo.com/pageman/page/rating-action.html

Pilih menu rating update

Rating Update Perusahaa/Obligasi Pefindo
Rating Update Perusahaa/Obligasi Pefindo

Maka dari situ anda bisa melihat peringkat/rating PEFINDO tiap obligasi/perusahaan

PEFINDO RATING UPDATE
PEFINDO RATING UPDATE

Untuk lebih lengkap anda bisa akses juga menu hasil pemeringkatan dan pilih data 1 tahun terakhir.

Hasil pemeringkatan PEFINDO
Hasil pemeringkatan PEFINDO

Berdasarkan data diatas, maka emiten yang perlu diwaspadai adalah emiten yang mendapatkan nilai rating BB kebawah. Dari hasil screening sekilas, saya temukan beberapa emiten IHSG yang mendapatkan ada satu perusahaan yang IHSG yang mendapatkan rating BB kebawah, yaitu Tiphone Mobile Indonesia yang mendapatkan rating BB+.

Ada lima emiten IHSG yang mendapatkan penurunan peringkat ke BBB- (1 langkah lagi menuju kelompok BB), yaitu Adhi Persada, PP Property, Wika Realty, Panorama Sentrawisata, Reliance Indonesia,

Baca juga : Screening Saham ala Value Investor

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What do you think?

Written by Thowilz

Saya adalah seorang value investor yang memiliki passion untuk mengajarkan teknik value investing kepada investor lainnya. Anda dapat membaca tulisan saya di stockbit (@thowilz), instagram, dan social media investorsaham.id lainnya.

Comments

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  1. Halo pak, mau nanya. Apakah hasil pemeringkatan dari pefindo ini hanya bisa kita lihat 1 tahun terakhir saja ya? Kalau 2 tahun terakhir misalnya apakah itu bisa? Terima kasih.

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