PEFINDO assigned its idAA rating with stable outlook to PT Bukit Asam Tbk (PTBA)

(October 27, 2025)--The rating is mainly driven by the very strong likelihood of support from its parent, PT Mineral Industri Indonesia (Persero) (MIND ID). PTBA’s standalone credit profile reflects a strong business position and very strong financial profile, but it is constrained by its concentrated business and exposure to fluctuations in commodity prices.

We may raise the rating if PTBA’s role to MIND ID strengthens substantially, as reflected by its significantly higher contribution to the Group in terms of revenue and profitability indicators. The rating may be lowered if we view there is a strong indication of weakening support from MIND ID, which can be triggered by PTBA’s declining contribution to the Group, or if there is no evidence of group support when PTBA is in financial distress.

PTBA is a coal mining company in Indonesia that focuses on supporting national energy resiliency. Its main mining operations are in Tanjung Enim, South Sumatra. As of June 30, 2025, its A class share was owned by the Indonesian government, and its B class shares by PT Mineral Industri Indonesia (Persero) (MIND ID) (65.9%), others (including public, 33.8%), and the treasury shares (0.3%). (ends)