PEFINDO has affirmed its idAA- rating for PT Jasamarga Pandaan Tol

(October 11, 2023)--PEFINDO has affirmed its idAA- rating for PT Jasamarga Pandaan Tol (JPT) and its idAA-(sy) rating for its Sukuk Ijarah Year 2019. The outlook for the corporate rating is stable. JPT’s corporate rating reflects its very strong likelihood of support from Jasa Marga. JPT’s standalone credit profile does not drive the rating, which reflects its strong economy of service area, relatively strong EBITDA margin on a sustained basis, and exposure to traffic volume volatility on single toll road asset.

Any rating action for Jasa Marga may trigger similar action to JPT. We may also lower JPT’s rating if there’s any indication of weaker support from Jasa Marga such as material divestment of ownership toward JPT that leads to weaker degree of control and business integration.

Established on September 25, 1996, JPT operates the Gempol-Pandaan toll road, comprising a 12.05-kilometer (km) Tranche I operate since June 12, 2015, and a 1.56 km Tranche II since May 13, 2019, when the Pandaan-Malang toll road began operating. Its concession agreement with the Indonesian Toll Road Authority runs until October 3, 2049. It is a subsidiary of Jasa Marga, the leading toll road operator in Indonesia with 40 years of experience. As of June 30, 2023, its shareholders were its founder PT Trans Optima Luhur (53.81%), PT Jasamarga Transjawa Tol (40%), and PT Jalan Tol Kabupaten Pasuruan (6.19%). (ends)