PEFINDO affirms 'idAAA' and 'idAAA(sy)' ratings for PLN's maturing bond & sukuk ijarah

(April 28, 2022)--PEFINDO has affirmed its “idAAA” ratings to Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara (PPLN)’s Bond XII Year 2010 Seri B of IDR1,855.0 billion due on July 8, 2022, Bond IX Year 2007 Seri B of IDR1,200.0 billion due on July 10, 2022, and Shelf-Registered Bond II Phase I Year 2017 Seri A of IDR214.0 billion due on July 11, 2022, and its “idAAA(sy)” ratings to PPLN’s Sukuk Ijarah V Year 2010 Seri B of IDR340.0 billion due on July 8, 2022 and Shelf-Registered Sukuk Ijarah II Phase I Year 2017 Seri A of IDR186.0 billion due on July 11, 2022. The Company plans to use its internal fund to pay the maturing bond and sukuk ijarah. As of September 30, 2021, PPLN had cash and cash equivalent of IDR40.5 trillion.

A debt security rated idAAA has the highest rating assigned by PEFINDO. The obligor’s capacity to meet its long-term financial commitment on the debt security, relative to other Indonesian obligors, is superior. The suffix (sy) means the rating mandates compliance with Islamic principles.

PPLN is a wholly owned state company engaged in the generation, transmission, and distribution of electricity throughout the country. It is the only integrated electricity producer in Indonesia, with an installed capacity of 45,616 megawatts (MW) (including rental) at the end of 2020.