PEFINDO has affirmed the ratings for PT Hutama Karya and its Shelf- Registered (SR) bond II at idAA-

(May 11, 2026)--PEFINDO has affirmed the ratings for PT Hutama Karya (Persero) (HK) and its Shelf- Registered (SR) bond II at idAA-. PEFINDO has also affirmed its idAA-(sy) rating for the Company’s SR Sukuk I and its idAAA(gg) rating for HK’s SR Bond I, the latter of which reflects the full, unconditional, and irrevocable guarantee from the government of Indonesia. Outlook for the corporate rating is stable.

The corporate rating reflects HK’s very important role to the government, its benefit of being a state-contractor, and strong market position. However, the rating is constrained by its weak financial profile and the relatively volatile construction business environment.

Significant changes in our view on the likelihood of support from the government to HK may result in the similar action to the Company’s rating.

Established in 1961, HK is a state contractor wholly owned by the Indonesian government through Danantara, specializing in roads and bridges, with business interests in investment and manufacturing. Through a presidential decree, HK was appointed as the sole developer and operator of the Trans-Sumatra toll road. The Company also operates the south section of the Jakarta Outer Ring Road (JORR-S) and Tanjung Priok access (ATP) toll roads. Through its subsidiaries, HK also engages in the property sector, as well as manufacturing and services to support the Trans-Sumatra project. (ends)