PEFINDO cuts WIKA bonds to default

(February 19, 2026)--PEFINDO has lowered the ratings of PT Wijaya Karya (Persero) Tbk (WIKA)’s Shelf- Registered (SR) Bond II Phase II to idD from idCCC and SR Sukuk Mudharabah II Phase II Serie B and C to idD(sy) from idCCC(sy). These rating actions follow WIKA’s deferral of the coupon payment on the respective financial instruments due on February 18, 2026. At the same time, PEFINDO has maintained WIKA’s corporate rating at idSD and the Company’s other outstanding bonds and sukuk at idD.

The corporate rating reflects WIKA’s weak financial and liquidity profile as well as risks from previous expansion. We may review the ratings if WIKA is able to resolve the principal and coupon payments of its matured Bond and Sukuk.

Established in 1961, WIKA is one of the state-owned enterprises (SOE) in the construction sector. The Company covers investments, realty & property, infrastructure & building, energy & industrial plant, and industry segments. As of September 30, 2025, its shareholders were the Indonesian government (91.02%) and the public (8.98%). (ends)