PEFINDO has affirmed its idA ratings to PT Petrindo Jaya Kreasi Tbk

(March 12, 2026)--PEFINDO has affirmed its idA ratings to PT Petrindo Jaya Kreasi Tbk (CUAN) as well as its outstanding Shelf Registered (SR) Bond I. PEFINDO has also affirmed its idA(sy) rating to the Company’s outstanding SR Sukuk Wakalah I. Outlook for the corporate rating is stable. The rating reflects the Company’s well-integrated mining company and strong business diversification. The rating is constrained by the risk of developing new projects, moderate capital structure, as well as exposure to coal price fluctuations and adverse weather.

The rating may be raised if CUAN successfully operates its new projects, particularly its new coal mines, which will positively affect its revenue as well as profit margin and further strengthen its financial profile. The rating may be lowered if the Company’s revenue and profit margin fall significantly short of targets or CUAN incurs more debt than projected, which will aggravate its capital structure and cash flow. A weakened financial profile due to prolonged and lower coal prices may also put the rating under pressure. Any rating changes for PT Petrosea Tbk (PTRO, idA+/stable) may also directly affect CUAN’s rating, as we view that PTRO is highly strategic to the Company’s credit profile.

PT Petrindo Jaya Kreasi Tbk is an integrated mining company with six coal mines in operation, a gold mine under development, a coal-fired power plant (CFPP) currently under construction, as well as a mining and EPC contractor under PT Petrosea Tbk, as well as several mining support companies. As of September 30, 2025, the Company is owned by Prajogo Pangestu (84.076%) and the public (15.924%). (ends)