PEFINDO has affirmed its idBBB+ rating for PT Pembangunan Perumahan (Persero) Tbk

(March 10, 2026)--PEFINDO has affirmed its idBBB+ rating for PT Pembangunan Perumahan (Persero) Tbk (PTPP) and its shelf-registered (SR) bonds III and IV. PEFINDO has also affirmed its idBBB+(sy) rating for PTPP’s Sukuk Mudharabah I. Outlook for the corporate rating is negative, reflecting the combined impact of PTPP’s heightened refinancing risk stemming from upcoming bond maturities amid increasingly challenging funding access within the domestic construction industry, which has constrained the Company’s liquidity and limited financial flexibility.

The corporate rating reflects PTPP’s important role to the government and its diversified revenue sources. These strengths are offset by PTPP’s weak capital structure and financial flexibility, exposure to high-risk property segments, and the volatile business environment.

PTPP’s inability to address its upcoming debt maturities may trigger further rating downgrades. We may revise the outlook to stable if PTPP significantly improves its business performance and financial indicators and generates stronger and more sustainable cash flows, including by resolving risks related to its maturing financial obligations.

Established in 1953, PTPP mainly engages in the engineering and construction business segment while also expanding into the property, realty, and precast sectors, heavy equipment rental, and investment in energy and infrastructure-based assets.

As of September 30, 2025, its shareholders consisted of the State-Owned Enterprises Regulatory Agency (Badan Pengaturan Badan Usaha Milik Negara) (0.51%), PT Danantara Asset Management (50.49%), the Employees’ Cooperative (Kopkar) (0.03%), and the public (48.74%). (ends)