PEFINDO affirms “idAAA” rating for Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara
Monday, April 15 2019 - 07:17 AM WIB
(April 12, 2019)--PEFINDO has affirmed its “idAAA” ratings for Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara (PPLN) and its bonds (VIII/2006 Seri B, IX/2007 Seri B, XI/2010 Seri B, XII/2010 Seri B, Shelf-Registered Bond I/2013, Shelf-Registered Bond II/2017, and Shelf-Registered Bond III/2018). PEFINDO also has affirmed its “idAAA(sy)” ratings for PPLN’s Sukuk Ijarah (IV/2010 Seri B, V/2010 Seri B, Shelf-Registered Sukuk I/2013, Shelf-Registered Sukuk Ijarah II/2017, and Shelf-Registered Sukuk Ijarah III/2018). The outlook for the corporate rating is “stable”.
An obligor rated idAAA has PEFINDO’s highest rating. Its capacity to meet its long-term financial commitments, relative to that of other Indonesian obligors, is superior.
The suffix (sy) means the rating mandates compliance with Islamic principles.
The corporate rating reflects PPLN’s strong and proven support from the Indonesian government, strong financial flexibility, superior market position, and the growing domestic demand for electricity. The rating is constrained by its capital structure and cash flow protection measures that will remain aggressive to support its significant capital expenditure (capex) plan.
The rating could be lowered if PEFINDO assesses a material reduction of support from the government.
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 57,822 megawatts (MW) (including rental and independent power producer) at the end of 2018. (ends)