Pefindo Upgrades Ratings Of MAP, Its Bond And Sukuk To “idAA-” and “idAA-(sy)”

Jakarta, 28th September 2012 – Pefindo has today upgraded its rating on PT Mitra Adiperkasa Tbk (MAP) and MAP’s Bond 1/2009 (A&B series) from “idA+” to “idAA-“. Pefindo also upgraded the rating of MAP’s Sukuk Ijarah 1/2009 (A&B series) from “idA+(sy)” to “idAA-(sy)”.


The upgrade is supported by MAP’s steady business growth driven by sales growth of existing stores and successful store expansions, while maintaining strong cash flow protection ratios. MAP’s revenue grew by 25% year on year in 2011 and 30% year on year in first semester 2012. In 2012, MAP’s revenue is expected to increase by more than 20%, supported by around 300 new store openings.


The ratings reflect MAP’s strong market position in the modern retail industry supported by its well diversified portfolio of 75 retail concepts, strategic alliance with over 100 of the world’s best brands (including Sogo and Debenhams Department Stores, Reebok, Converse, Zara, Marks & Spencer, Starbucks among others), solid management team, its prime store locations and strong cash flow protection.


MAP also plans to issue new bonds amounting to Rp 500 billion which will be utilized to refinance its current bonds and working capital requirement. The new bonds are expected to be issued in December 2012.


With a current total of 1,209 stores in 42 cities, MAP is the leading lifestyle retailer in Indonesia with focus on the middle to upper consumer segments and with its diversified brands, MAP usually become the anchor tenant in major malls.


About PT Mitra Adiperkasa Tbk


As per August 2012, MAP operates 1.209 retail outlets in 42 cities of Indonesia. Major retail concepts under the group include:

  • Sogo, Debenhams, and Seibu.
  • Zara, Marks & Spencer, Topman, Topshop, Next, Kipling, Lacoste, Nautica, Massimo Dutti, Pull&Bear, Dorothy Perkins, Miss Selfridge, Nine West, Stradivarius, Bershka, Samsonite, Linea, Steve Madden, Swatch, Loewe, BCBGMaxazria, MaxMara, Max&Co, Travelogue, Tumi, Sole Effect, Warehouse, H.E. by Mango, New Look, Staccato, Diva, Crabtree & Evelyn, DKNY and Desigual.
  • Converse, Golf House, Payless ShoeSource, Planet Sports, Reebok, Rockport, Skechers, Sports Station, The Athlete’s Foot and The Sports Warehouse.
  • Starbucks, Burger King, Domino’s Pizza, Pizza Marzano, Krispy Kreme, Cold Stone Creamery Ice Cream, and Chatterbox.
  • Kidz Station, Oshkosh B’Gosh and Barbie Boutique.
  • Kinokuniya and Alun Alun.


Apart from retailing, the group is also the leading distributor of over 90 international brands including Airwalk, Batman, Converse, Diadora, Lotto, Reebok, Speedo, Superman, Thomas & Friends, and many more. For more information about MAP please visit


For more information and hi res photos, please contact:


Fetty Kwartati

Corporate Secretary

PT Mitra Adiperkasa Tbk

Wisma 46, 8th fl. – Kota BNI

Jl. Jend. Sudirman Kav. 1

Jakarta 10220


Phone : 021 575 0755 (direct)

Fax : 021 574 0150

Email :