PEFINDO has affirmed PT Ricobana Abadi (RICO)’s rating at idSD
Tuesday, December 9 2025 - 06:50 AM WIB
(December 8, 2025)--PEFINDO has affirmed PT Ricobana Abadi (RICO)’s rating at idSD and its Medium- Term Notes (MTN) I Year 2017 rating at idD. The rating reflects RICO’s inability to address its matured MTN of IDR379.05 billion due on December 20, 2022. The rating also reflects the Company’s vulnerable business and financial condition as well as exposure to fluctuating commodity prices and environmental risk.
We may revisit the rating if the Company successfully resolves the matured MTN.
RICO was established in February 1981 and has operated as a coal mining contractor since 2007, with activities including overburden removal, coal hauling, and heavy equipment rental. RICO is an indirect subsidiary of PT SMR Utama Tbk through PT Adibrata Cipta Pertiwi and is ultimately owned by PT Trada Alam Minera Tbk. As of September 30, 2025, the Company was owned by PT Adibrata Cipta Pertiwi (previously PT Ricobana) (99.99%) and Mr. Wijaya Mulia (0.01%). (ends)