PEFINDO affirmed its idAAA(sf) rating for PT Tamaris Hidro (TYRO)’s Bond I Year 2022

(March 11, 2026)--The instrument rating reflects a very strong structure with credit enhancement from PT Sarana Multi Infrastruktur (Persero) (SMII, idAAA/stable). The rating has incorporated TYRO’s moderate financial profile and exposure to hydrological conditions.

The instrument rating may be lowered if the credit enhancer’s corporate rating is lowered or if TYRO utilizes the non-revolving credit enhancement facility more than expected such that the remaining facility is deemed incommensurate with the level of protection for the assigned rating.

PEFINDO views that the risk of delay of payment as well as default on the bond principal and/or coupon is mitigated by a subordinated credit facility of a maximum of IDR750.0 billion from SMII as the credit enhancement, which is also followed by a cash flow waterfall mechanism and bond sinking fund for the coupon and principal.  Under our stress test, we anticipate that TYRO will utilize part of SMII’s subordinated facility during a certain period to mitigate refinancing risk under the proposed transaction structures. We also view this transaction as based on a robust cash flow protection profile, bolstered by the remaining ample subordinated credit facility from SMII if it is utilized. The cash waterfall mechanism also ensures that collected cash inflows are prioritized for bond coupons and debt services of bank loans. TYRO’s commitment to providing a one-time bond coupon sinking fund and fully reserving its bond principal payments three months before the due date will augment the cushion for debt service payments.

TYRO is an investment holding company for hydro and mini hydro power plant projects (HMHPP). Currently, its power generation portfolio includes 15 operating companies with a total contracted capacity of 142.8 megawatts (MW). In terms of installed capacity based on type, mini-hydro power plants account for 67.8%, while the remainder are hydro-power plants (32.2%). The Company also has an affiliated company providing construction for its projects and operation and maintenance (O&M) services. As of December 31, 2025, its shareholders consisted of PT Tatajabar Sejahtera (85%, part of Salim Group) and PT Tamaris Hijau Lestari (15%).

As a credit enhancer, SMII is established to serve as a catalyst in the acceleration of infrastructure development in Indonesia by providing an alternative source of funds for project financing and promoting public-private partnerships (PPP). SMII is wholly owned by the government. (ends)