PT Timah Tbk (TINS) obtained an idA+ rating from PT Pemeringkat Efek Indonesia (Pefindo), which reflects the company's very strong business position, supported by a relatively solid financial profile and high support opportunities from the parent company.
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In its report, Pefindo assessed that TINS' fundamentals are still quite strong, especially in terms of market and capital structure.
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However, this ranking still faces a number of external challenges, including the prevalence of illegal tin mining activities, commodity price fluctuations, and less supportive weather conditions.
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Pefindo said that the opportunity for an upgrade is open if TINS is able to record consistent improvements in operational performance, such as productivity, cost efficiency, and the company's ability to generate strong EBITDA.
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In addition, strengthening governance in the tin industry is considered to be a supporting factor for the increase in the ranking because it has the potential to create a more stable operational climate.
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However, conversely, the TINS rating is at risk of being downgraded if the company's debt level increases far above the projection without accompanied by business performance improvement and a downgrade may also occur if global tin price volatility significantly impacts the company's revenue and profit.
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PT Timah Tbk Corporate Secretary, Rendi Kurniawan, expressed his appreciation for the assessment and considered this as motivation to continue to improve the company's performance and governance across all business lines.
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"PT TIMAH Tbk continues to strive to strengthen the fundamentals of the business through increased productivity, operational efficiency and strengthening operational performance and maintaining a healthy financial profile," he said in a statement, Monday, December 15.
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Regarding various external risks, he emphasized that the company also continues to tighten supervision and increase coordination with stakeholders to face industry challenges, including handling illegal mining activities involving many parties.
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"We continue to collaborate with the government, law enforcement, and other stakeholders to create a better and sustainable governance of the environment. This is an important part of maintaining operational stability and stakeholder confidence," he said.
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Furthermore, Rendi emphasized that the company is committed to carrying out efficient, responsible, and sustainable operations, as well as creating added value for shareholders and the community.
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"The company continues to implement strategic steps so that it can grow sustainably in the midst of global challenges," he concluded.
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