Moody's withdraws WIKA's rating for business reasons
Saturday, July 10 2021 - 04:37 PM WIB
(Singapore, July 09, 2021) -- Moody's Investors Service has today withdrawn Wijaya Karya (Persero) Tbk. (P.T.)'s (WIKA) Ba3 corporate family rating and negative outlook.
Moody's has also withdrawn WIKA's b2 baseline credit assessment.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business reasons. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.
Established in 1960, Wijaya Karya (Persero) Tbk. (P.T.) (WIKA) is one of the largest engineering, procurement and construction (EPC) companies in Indonesia with a revenue of IDR16.3 trillion for the 12 months ended March 2021 and an order book of IDR76.1 trillion as of March 2021.
WIKA was listed on the Indonesian Stock Exchange in 2007 and is 65% owned by the Government of Indonesia, with the remaining 35% of shares held by the public. However, the Indonesian government holds a Series A (Dwiwarna) share in WIKA. This Series A share grants it special rights, including setting corporate strategy and financial policy, and having a veto on board selection.