PEFINDO has affirmed its idA- ratings to PT Karya Pacific Energy Tbk
Thursday, July 9 2026 - 05:38 PM WIB
(July 9, 2026)--PEFINDO has affirmed its idA- ratings to PT Karya Pacific Energy Tbk (IATA) and its Shelf-Registered Bond I, as well as its idA-(sy) rating to IATA’s Shelf-Registered Sukuk Wakalah I. Outlook for the corporate rating is stable. The rating reflects IATA’s sizeable mining reserves and resources, low-cost position, and synergy within the Group. The rating is constrained by the Company’s moderate financial profile, exposure to regulatory changes risk, as well as exposure to the fluctuating commodity prices and environmental risk.
IATA’s Shelf-Registered Bond I Phase I Year 2023 Series B of IDR149.83 billion and Shelf-Registered Sukuk Wakalah I Phase I Year 2023 Series B of IDR49.3 billion will be due on October 6, 2026. The Company plans to repay the maturing debt instruments using internal funds. As of March 2026, the reported cash and cash equivalents were USD3 million, and investments were USD19.77 million.
The rating may be raised if the Company successfully enlarges its business scale, as reflected in significantly increased coal production at PT Putra Muba Coal (PMC) and PT Arthaco Prima Energy (APE), which will also further improve IATA’s financial profile.
A more diversified business may also positively impact IATA’s rating. The rating may be lowered if IATA generates revenue or EBITDA significantly below the targets due to lower coal production, or if the Company incurs debt more than projected, which may aggravate its financial profile. The rating may also be under pressure if coal prices drop significantly, which will negatively impact IATA’s financial figures.
Established under the name of PT Indonesia Transport & Infrastructure, IATA is currently part of Karya Pacific Investama, focusing on the coal mining business with three operating mines located in South Sumatra under PT Putra Muba Coal, PT Indonesia Batu Prima Energi, and PT Arthaco Prima Energy (APE). As of March 31, 2026, its shareholders were Karya Pacific Investama (48.79%), PT MNC Asia Holding Tbk (10.23%), and the public (40.98%). (ends)