PEFINDO affirms ratings of Medco Power bonds

(May 5, 2023)--PEFINDO has affirmed its idA rating for PT Medco Power Indonesia (MEDP)’s Bond I Seri B Year 2018 of IDR63.0 billion and its idA(sy) rating for MEDP’s Sukuk Wakalah I Seri B Year 2018 of IDR404.0 billion, both will be due on July 4, 2023. MEDP plans to repay the matured debt using the proceeds from the issuance of Sukuk Wakalah I Phase II of IDR600.0 billion in December 2022. The cash had been reserved in the cash deposits. It had cash balance of IDR2.5 trillion at the end of 2022.

MEDP is an independent power producer (IPP) focusing on clean energy power plants, mainly gas, geothermal, and renewable, supplying electricity to state-owned electricity company, PT Perusahaan Listrik Negara (Persero) (PPLN, idAAA/Stable), especially in the western part of Indonesia. It also provides operation and maintenance (O&M) services, mainly through TJB Power Services. As of December 31, 2022, its shareholders were PT Medco Power Internasional (51.0%) and PT Medco Energi Internasional Tbk (49.0%). (ends)