Fitch Revises Outlook on Pelindo to Negative; Affirms at 'BBB'

(Fitch Ratings - Hong Kong - 09 Mar 2026)--Fitch Ratings has revised the Outlook on Indonesia-based port operator and developer PT Pelabuhan Indonesia (Persero)'s (Pelindo) Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, while affirming the Long-Term IDR at 'BBB'. Fitch has also revised the Outlook on the ratings on Pelindo's US dollar senior unsecured notes to Negative from Stable and affirmed the ratings at 'BBB'.

The Outlook revision follows Fitch's revision of the Outlook on Indonesia's 'BBB' sovereign rating to Negative from Stable on 4 March 2026. Pelindo's ratings are capped by the Indonesia sovereign rating, in line with Fitch's Government-Related Entities (GRE) Rating Criteria. In applying the GRE criteria, we look through the direct owner—Indonesia's new sovereign wealth fund, Daya Anagata Nusantara (Danantara).

Pelindo's Standalone Credit Profile (SCP) is assessed at 'bbb+', underpinned by its dominant market position in Indonesia's container port industry, its flagship ports' strategic locations and long-term concessions that offer cash flow generation visibility, and a strong financial profile.

KEY RATING DRIVERS

The full key rating drivers for Pelindo can be found in the Rating Action Commentary published on 27 May 2025.

RATING SENSITIVITIES

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

Downgrade of Indonesia's sovereign rating.

Pelindo's SCP may be revised down if Fitch-adjusted net debt/EBITDA is above 5.0x on a sustained basis under Fitch's rating case, though its Issuer Default Rating (IDR) would remain unchanged.

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

The Outlook will be revised to Stable if the Outlook on Indonesia's sovereign rating is revised to Stable.

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

Pelindo's rating is credit-linked to that of the Indonesian sovereign.

ESG Considerations

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 www.fitchratings.com/topics/esg/products#esg-relevance-scores. (ends)