PEFINDO has affirmed its idA ratings to PT Daaz Bara Lestari Tbk

(March 11, 2026)--PEFINDO has affirmed its idA ratings to PT Daaz Bara Lestari Tbk (DAAZ) and its outstanding Bond I/2025. Outlook for the corporate rating is stable. The rating reflects DAAZ’s vertically integrated operation, strong financial profile, as well as strong demand for commodities. The rating is constrained by exposure to commodity price fluctuation and exposure to regulation risk.

The rating may be raised if DAAZ significantly improves its revenue and EBITDA generation on a sustained basis, while also maintaining stable profit margins and conservative financial leverage with expected net-debt to EBITDA and net-debt to equity ratios of a maximum of 1.4x and 0.4x, respectively. In addition, it must also be accompanied by a sustainable improvement in cash flow protection with FFO to debt and EBITDA to IFCCI ratios of at least 40% and more than 5.0x, respectively. The rating may be lowered if its cash flow generation substantially weakens as a result of lower-than-expected business performance, or if the Company incurs higher-than-expected debt without being compensated by a significant improvement in its business profile.

Established in 2009, DAAZ primarily operates in commodity trading, with a focus on coal, nickel, and fuel. In addition to its core trading activities, the Company has diversified into the shipping services sector, which also provides fleet support for DAAZ’s trading segment as part of its vertically integrated operations. As of September 30, 2025, its shareholders were PT Daaz Nusantara Abadi (42.49%), Zainal Abidinsyah Siregar (17.00%), Erwin Sutanto (12.75%), Irawan Sastrotanojo (12.75%), and the public (15.02%). (ends)