Fitch Rates Sarana Multi Infrastruktur's Proposed USD Notes 'BBB'

(Fitch Ratings - Jakarta/Sydney - 06 May 2026)--Fitch Ratings has assigned a rating of 'BBB' to PT Sarana Multi Infrastruktur (Persero)'s (SMI, BBB/Negative) proposed senior unsecured US-dollar notes, to be issued directly by SMI under its USD2 billion euro medium-term note (EMTN) programme.

The proposed notes will constitute SMI's direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with all its other present and future unsecured and unsubordinated obligations. Proceeds will be used for general corporate purposes, including financing SMI's investments in Indonesia's infrastructure projects or debt repayment.

Key Rating Drivers

The rating is in line with SMI's Long-Term Foreign-Currency Issuer Default Rating (IDR), which is driven by Fitch's assessment of a 'Virtually Certain' likelihood of support from the Indonesian sovereign (BBB/Negative) under Fitch's Government-Related Entities Rating Criteria. Fitch believes the government has a strong incentive to provide extraordinary support, if needed, based on the overall support score of 45 out of a maximum of 60 under the criteria, leading to the equalisation of SMI's ratings to those of the sovereign.

For more details on SMI's key rating drivers and rating sensitivities, see Fitch Revises Outlook on Five Indonesian Public Finance GREs to Negative; Affirms 'BBB' IDRs, published on 11 March 2026

Issuer Profile

SMI, which is wholly owned by the Ministry of Finance, acts as the government's special mission vehicle to support infrastructure development by financing infrastructure projects, particularly in underdeveloped and remote areas, reducing regional disparities.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

Negative rating action on SMI's Long-Term Foreign-Currency IDR will lead to similar rating action on the notes.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Positive rating action on SMI's Long-Term Foreign-Currency IDR will lead to similar rating action on the notes.

Date of Relevant Committee

10 March 2026

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

SMI is credit-linked to the Indonesian sovereign.

ESG Considerations

Fitch does not provide ESG relevance scores for PT Sarana Multi Infrastruktur (Persero). (ends)