PEFINDO has affirmed its idAAA(sf) rating for PT Marga Lingkar Jakarta (MLJ)’s Bond I Year 2017

(August 5, 2026)--The rating reflects the strong transaction structure of the project bond, the project’s good economy of service area, and good operating management. The rating is constrained by exposure to toll road traffic volume volatility.

The rating may be lowered if MLJ’s debt service coverage ratio (DSCR) – as calculated by EBITDA and beginning cash, including restricted cash, divided by interest payments and bond repayments during the year – falls below 2.0x every year-end on a sustained basis. This could result from a significant decline in EBITDA, driven by a lower traffic volume on JORR, a lower rate or delay in the toll fee adjustment, or higher-than-expected operating costs. We may also lower the rating if the Company fails to comply with key transaction requirements, such as maintaining the required financial covenants and adequate sinking fund balances.

Established in 2009, MLJ operates the 7.87-kilometer (km) JORR W2 North toll road for the Ulujami-Kebon Jeruk section under a concession agreement with the Indonesian Toll Road Authority, due to terminate at the end of 2044. At the end of June 2026, its shareholders consisted of PT Jasa Marga (Persero) Tbk (51%) and PT Jakarta Marga Jaya (49%), which was owned by PT Astra Tol Nusantara since November 2020. (ends)