(July 3, 2025)--PEFINDO has affirmed its idA+ ratings to PT Bukit Makmur Mandiri Utama (BOLD) and its outstanding Bond I and Bond II as well as idA+(sy) rating for its outstanding Sukuk Ijarah I. Outlook for corporate rating is stable. The rating reflects BOLD’s strong business position, strong operating management, and strong financial flexibility. The rating is constrained by the Company’s moderate capital structure as well as its exposure to the fluctuating commodity prices and environmental risk.
The rating may be raised if BOLD is successfully increasing its business scale by significantly diversifying its business while also improving its capital structure on a sustained basis. However, the rating may be lowered if the Company obtains substantial amount of external debt beyond our projection without being compensated by increased revenue and EBITDA, which may aggravate BOLD’s financial profile on a sustained basis. Any significant shortfall in production volume from its key customers on a sustained basis may also trigger a rating downgrade.
BOLD is a coal mining contractor company that provides overburden removal, coal getting, and coal hauling and is a mine owner of ultra-high-grade anthracite. The Company currently works in seven mining sites in Indonesia and four mining sites in Australia and has ownership in four operating anthracite mines in the United States. As of March 31, 2025, it was owned by PT BUMA Internasional Group Tbk by 99.99% and Ronald Sutardja by 0.01%. (ends)