PEFINDO has affirmed its idA+ rating for PT Barito Pacific Tbk’s

(March 12, 2026)--PEFINDO has affirmed its idA+ rating for PT Barito Pacific Tbk’s (BRPT) and BRPT’s outstanding bonds. Outlook for the corporate rating is stable. The rating reflects the solid market position of BRPT’s major operating segments, stable dividend distributions from these major subsidiaries, and the stable revenue stream from the energy segment. However, the rating is constrained by its moderate financial profile, indirect access to the cash flows of its operating subsidiaries, and inherent risks related to its key operating segments.

The rating may be raised if BRPT’s performance improves as reflected in a sustained improvement in the financial profile, particularly its financial leverage resulting from deleveraging efforts and higher cash flow generation from subsidiaries. However, the rating may be lowered if there is a persistent deterioration in its financial profile due to a narrowing spread in the petrochemical business or higher debt than projected without being compensated by stronger cash flow generation. The rating may also be under pressure in case of a deterioration in its cash flow stream from its subsidiaries, which may be triggered by lower earnings in the petrochemical sector or disruption in its geothermal business. The rating has incorporated the acquisition of Aster Chemicals and Energy Pte Ltd (Aster) in April 2025 and Chevron Phillips Singapore Chemicals in August 2025.

Established in 1979, BRPT is an investment holding company ultimately owned by Prajogo Pangestu. The Company currently operates in two major segments, petrochemical and renewable energy, through its controlling stakes in PT Chandra Asri Petrochemical Tbk and PT Barito Renewable Energy Tbk. As of September 30, 2025, its shareholders consisted of Prajogo Pangestu (71.36%), PT Barito Pacific Lumber (0.58%), PT Tunggal Setia Pratama (0.34%), Agus Salim Pangestu (0.01%), and others (27.71%). (ends)