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canadian goose jacket (The following was released by the rating agency) canadian goose jacket
canada goose coats Nov canada goose coats 29 Fitch uk canada goose Ratings has affirmed PT Fajar Surya Wisesa Tbk (Fajar) Long Term Foreign canada goose uk shop Currency and Local canada goose black friday sale Currency Issuer Default Ratings (IDRs) at At the same time, Fajar National Long Term Rating has been affirmed at The Outlook is Stable. canada goose coats
Canada Goose Jackets Fajar ratings are underpinned by its market Canada Goose Parka position as the second largest packaging paper manufacturer in Indonesia (with a 30% market share), Canada Goose Coats On Sale a well established and diversified customer profile, and the growth prospects of Indonesia paper packaging industry as evidenced by canada goose uk black friday Indonesia low paper consumption per capita relative to canadian goose jacket the GDP growth. Canada Goose Jackets
canada goose deals These strengths are counterbalanced by the inherent cyclicality of the buy canada goose jacket cheap commodity buy canada goose jacket nature of its products. In particular, Fitch notes that Fajar margins are subject to compression resulting from the Canada Goose Online trend of rising raw material prices. Fajar position as a price taker to both suppliers and end customers gives it limited flexibility to pass on increased costs to the latter. canada goose deals
canada goose clearance However, Fitch believes that Fajar will continue to generate positive cash canada goose coats on sale flows from its operation. This reflects the defensive nature of 75% canada goose factory sale of revenue including that of the packaging for fast moving consumer goods (FMCG). canada goose clearance
canada goose In October 2011, Fajar fully repaid the remaining balance of USD44m from its USD100m Notes using the proceeds from USD120m syndicated loans. Fitch notes that the company debt maturity schedule, post the USD100m notes repayment is comfortably canada goose clearance sale covered by canada goose uk outlet unutilised canada goose bank canada goose store loan facilities of USD97m. The short Canada Goose Outlet to medium term capex plan includes modification of paper machines no.7 ( and the installation of paper machines no.6 ( which will expand paper capacity to 1.55 mt/pa (current: 1.05 mt/pa). Estimated total capex for PM6 is IDR810bn, to be spent over 2012 2014; this will be funded by operating cash flows and new borrowings. canada goose
canada goose black friday sale While for PM7, most cheap Canada Goose of the capex had been spent in 2011 and remaining balance of around IDR44bn will be carried forward to 2012. Negative rating guidelines include a sustained increase in canada goose clearance leverage ratio, as measured by net adjusted debt/EBITDA, to over 3.5x or a sustained decrease in EBITDA/Interest to below 3x. Any difficulty in uk canada goose outlet renewing the revolving credit facilities also could put negative pressures Canada Goose online on the ratings. Conversely, Canada Goose Jackets a sustained improvement in leverage ratio to below 2x could lead cheap canada goose uk to a positive rating action, though Fitch notes this isn expected in the short to medium term canada goose black friday sale.