PEFINDO has affirmed its ratings for PT Kereta Api Indonesia (Persero)

(August 4, 2026)--PEFINDO has affirmed its ratings for PT Kereta Api Indonesia (Persero) (KAI) and its outstanding bonds at idAAA as well as its outstanding sukuk at idAAA(sy). Outlook for the corporate rating is stable. The rating reflects strong likelihood of government support, KAI’s superior business position, as well as growing and stable revenue from freight transportation. The rating is constrained by its moderate leverage and cash flow protection indicators amid the large capital expenditure (capex). Our rating has not factored in the plan for the consolidation of PT Industri Kereta Api (INKA) into KAI, as the integration remains at a nascent stage and its credit impact in the near term is expected to be limited.

We may lower the rating if KAI adopts a more aggressive financial policy, as evidenced by a substantial increase in leverage that is not offset by stronger earnings prospects.

The rating could also be lowered should we observe a weakening in the level of government support, which may be driven by a diminished strategic importance of KAI in the government’s policy priorities.

KAI is a state-owned rail operator, providing passenger transport and freight rail services. The Company is the sole user of the government’s railway infrastructure. Its operation is supported by six subsidiaries: PT Kereta Commuter Indonesia (KCI), PT Railink, PT KA Logistik, PT KA Properti Manajemen, PT Reska Multi Usaha, and PT KA Pariwisata. KAI is wholly owned by the Government of Indonesia, with 99% of its shares held through PT Danantara Asset Management (Persero) and the remaining 1% held by Badan Pengaturan Badan Usaha Milik Negara. (ends)