PEFINDO has affirmed its idA+ ratings to PT Bukit Makmur Mandiri Utama (BOLD)
Monday, July 13 2026 - 05:42 PM WIB
(July 13, 2026)--PEFINDO has affirmed its idA+ ratings to PT Bukit Makmur Mandiri Utama (BOLD) and its outstanding Bond I, Bond II, Bond III as well as idA+(sy) rating for its outstanding Sukuk Ijarah I. Outlook for the corporate rating is revised to negative from stable following the Company's weakening financial profile particularly caused by BOLD's worsened operating performance in one of its major projects with substantial contribution to the Company’s revenue. We are of the view that BOLD’s ability to execute its strategies to improve its business operation, combined with the weather conditions in the second half of 2026, is a key factor that can drive the Company’s overall credit profile.
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 lowered if there is no significant improvement in BOLD's operating management in the near to medium term, indicated by the Company’s inability to achieve its financial projection. The rating may also be under pressure if BOLD incurs significant new debt that may aggravate its financial ratios. Any significant shortfall in production volume from its key customers on a sustained basis may also trigger a rating downgrade. We may revise the outlook back to stable without a rating downgrade if the Company successfully implements its strategies, which are reflected in improving profit margin and key financial ratios.
BOLD is a coal mining contractor 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 two mining sites in Australia and has ownership of four operating anthracite mines in the United States. As of March 31, 2026, the Company was owned by PT BUMA Internasional Group Tbk (99.99%) and Ronald Sutardja (0.01%). (ends)