It is important to understand that the rating analysis is not limited to an extensive examination of various business risks and financial measures above. Proper assessments of debt protection level will also need a broader framework, involving a thorough and diligent review of business fundamental including judgment about the company's competitive advantages as well as evaluation of management's credibility, commitment, policy and strategy. The assessments will also include careful analyses and judgment on the company's projection and assumptions, as well as the company's business trend, volatility, and sustainability going forward.

It is also important to note that at some point of times, a rating decision may be strongly influenced by company's financial measures, but at some other times, it may very much influenced by its business profile and fundamental. However, the rating decision will always reflect the balance of different factors, including strengths and weaknesses.

It is crucial to know that Pefindo's Corporate Credit Rating (CCR), which is also called General Obligation (GO) rating, is Pefindo's opinion of the general creditworthiness of a company (an obligor), or its creditworthiness with respect to particular debt security or other financial obligation based on relevant risk factors. The opinion is focused on the obligor's ability and willingness to pay its financial obligation on a timely basis.

It should be understood that a rating is not a recommendation to purchase, sell or hold a financial obligation, inasmuch as it does not comment on market price and suitability for investors.