PEFINDO has affirmed its idAA rating with stable outlook for PT Aneka Tambang (Persero) Tbk

(April 14, 2026)--PEFINDO has affirmed its idAA rating with stable outlook for PT Aneka Tambang (Persero) Tbk (ANTM). The rating is mainly driven by the very strong likelihood of support from its parent, PT Mineral Industri Indonesia (Persero) (MIND ID). ANTM’s standalone credit profile reflects sizeable reserves and resources, a very strong financial profile, and diversified products, though it is constrained by risks related to expansion, exposure to fluctuating commodity prices and adverse weather, as well as exposure to regulatory changes and macroeconomic conditions.

We may raise the rating if ANTM’s role to MIND ID strengthens substantially, reflected by its significantly higher contribution to the Group in terms of revenue and profitability indicators. The rating may be under pressure if we view there is a strong indication of weakening support from MIND ID, which can be triggered by ANTM’s declining contribution to the Group, or if there is no evidence of group support when ANTM is in financial distress.

Founded in July 1968, PT Aneka Tambang (Persero) Tbk is a mining company producing nickel ore, ferronickel, gold, bauxite, and alumina. As of September 30, 2025, its Common B-Series shares were owned by MIND ID (65%), the directors (less than 0.1%), and the public (35%). The Government of Indonesia holds one A-Dwiwarna Series share. (ends)