Fitch Affirms Bukit Makmur Mandiri Utama at 'B+'/Stable; Withdraws Rating

(Fitch Ratings - Singapore/Jakarta - 05 Jan 2026)--Fitch Ratings has affirmed PT Bukit Makmur Mandiri Utama's (BUMA) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has subsequently withdrawn the rating.

Fitch has chosen to withdraw BUMA's IDR for commercial reasons.

Key Rating Drivers

Please refer to our last rating action commentary, published on 11 December 2025, as the key rating drivers and other elements of our analysis are unchanged.

RATING SENSITIVITIES

Not applicable, as the rating has been withdrawn.

Issuer Profile

BUMA provides coal mining services and carries out mining-related works, including overburden removal, and coal mining and hauling in Indonesia and Australia. It is the second-largest independent contractor in Indonesia and Australia. It also produces anthracite coal in the US via Atlantic Carbon Group.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

Public Ratings with Credit Linkage to other ratings

BUMA's rating is based on its Standalone Credit Profile, under our Parent and Subsidiary Linkage Rating Criteria as we assess that BUMA's immediate parent, PT BUMA Internasional Grup Tbk, has the same credit profile.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.

ESG Considerations

BUMA has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to its revenue concentration in thermal coal, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The score is in line with those of other thermal coal peers, which also face the risk of declining demand in the medium term because of coal's high carbon footprint. Funding access for thermal coal companies is also tightening progressively.

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores. (ends)