Astra Agro Lestari Tbk.
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PEFINDO upgraded its ratings on both corporate and IDR500 billion Bond I Year 2000 of PT. Astra Agro Lestari Tbk. (the Company or AALI) to "idA" from "idA-". The action reflects the Company's strengthening financial profile driven mainly by more favorable CPO business attributable to improvements in palm oil maturity profile, CPO mills productivity, and CPO price. CPO price is expected to remain strong in the medium term, which would support the Company to book higher margins. AALI is one of the largest integrated CPO plantation companies in Indonesia. The Company is the holding company of the agribusiness division of PT Astra International Indonesia (ASII), which holds ownership of 63.9%.

Rating Period: February 13, 2003 - January 1, 2004
Contact Analyst: Salyadi Saputra
salyadi@pefindo.co.id

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