PEFINDO affirms “idAA-” rating for PT Pelabuhan Indonesia I (Persero)’s maturing bond

(April 22, 2021)--PEFINDO has affirmed its “idAA-” rating for PT Pelabuhan Indonesia I (Persero) (PIGN) maturing Bond I series B 2016 of IDR500 billion, which will due on June 21, 2021. PIGN is expected to fully repay its maturing bond using a mix of internal cash and external funds. PIGN had a cash balance of IDR1.6 trillion as of December 31, 2020 against its current debt maturity of IDR913.4 billion. In addition, PIGN had secured a syndication loan of IDR5 trillion which should also support liquidity over the next 12-months.

A debt security rated idAA differs from the highest-rated debt only to a small degree. The issuer’s capacity to meet its long-term financial commitments on the debt security, relative to other Indonesian issuers, is very strong. The minus (-) sign indicates that the rating is relatively weak within its category.

PIGN is a government-owned port operator that provides seaport service facilities through 17 ports in the provinces of Aceh, North Sumatra, Riau, and Riau Islands, as of September 30, 2020. Its flagship terminals are the Belawan International Container Terminal (BICT) and the Belawan port (TPKDB) in North Sumatra near the city of Medan and the newly-operated Kuala Tanjung port in the regency of Batu Bara, about 130 km from Medan. The port is the country’s busiest outside Java. (ends)