PEFINDO has affirmed its idA- rating for PT Adhi Karya
Tuesday, September 5 2023 - 08:51 PM WIB
(September 5, 2023)--PEFINDO has affirmed its idA- rating for PT Adhi Karya (Persero) Tbk (ADHI)’s maturing shelf-registered (SR) Bond III Phase I of IDR289.6 billion due on November 18, 2023.
ADHI will fully repay the maturing bond using a mix of internal funds (including cash collection from project payments) as well as external funding sources. As of June 30, 2023, ADHI has IDR3.5 trillion of cash on the balance sheet and around IDR1.8 trillion of undrawn credit facilities that it could utilize for general purposes.
ADHI, established in 1960, is a state-owned contractor company primarily engaged in providing construction services. Its business is classified into four main segments: engineering & construction; property & hospitality; manufacture; and investment & concession. As of June 30, 2023, the Indonesian government holds 64% in ADHI and the public owns the remainder. (ends)