PEFINDO affirms “idAAA” rating for PT Angkasa Pura I (Persero)
Thursday, August 15 2019 - 01:03 AM WIB
(August 14, 2019)--PEFINDO has affirmed its “idAAA” rating for PT Angkasa Pura I (Persero) (APAI). We have also affirmed our “idAAA” rating for APAI’s Bond I Year 2016 and “idAAA(sy)” rating for its Sukuk Ijarah I Year 2016. The outlook for the corporate rating is “stable”.
An obligor rated idAAA has the highest rating assigned by PEFINDO. The obligors’ capacity to meet its long-term financial commitment, relative to that of other Indonesian obligors, is superior.
The suffix (sy) means the rating mandates compliance with Islamic principles.
The corporate rating reflects strong government support for APAI due to the critical role of airports, a strong competitive advantage from its economy of service area, and a stable profitability margin. However, the rating is constrained by its high financial leverage in the near to medium term.
The rating could be lowered if PEFINDO views a reduction in government support, such as through a material divestment of ownership.
A state-owned enterprise (SOE) engaged in airport and airport-related services in the central and eastern regions of Indonesia, APAI operates 14 airports, including I Gusti Ngurah Rai International Airport in Bali, Juanda International Airport in Surabaya, Sultan Hasanuddin International Airport in Makassar, Sultan Aji Muhammad Sulaiman Sepinggan International Airport in Balikpapan, and Adisutjipto International Airport in Yogyakarta. It was fully owned by Indonesian government as of June 30, 2019. (ends)