PEFINDO has affirmed the ratings of PT Jasa Marga (Persero) Tbk (JSMR) and its outstanding bonds at idAA

(March 5, 2026)--PEFINDO has affirmed the ratings of PT Jasa Marga (Persero) Tbk (JSMR) and its outstanding bonds at idAA. Outlook for the corporate rating is stable. The rating reflects JSMR’s important role to the government, the Company’s dominant position in the toll road sector, a diversified toll road portfolio with a long concession period, and very strong financial flexibility. The rating is constrained by business risks related to the development of new toll roads and its high leverage.

We may raise the rating if JSMR could strengthen its business profile substantially by successfully developing and operating new toll roads with strong traffic volume, which supports the improvement in its financial profile, with lower leverage and stronger cash flow coverages on a sustained basis. We may lower the rating if government support weakens, its financial profile deteriorates because of a severe drop in revenue due to a decline in traffic volume, or the Company incurs higher debt than projected without being compensated by favorable growth prospects.

JSMR is the largest toll road operator in Indonesia. Its portfolio includes nine toll road concessions at the parent company and 27 operated toll roads at subsidiaries, whereas four toll roads are still under construction, and one is still partially operating.

As of December 31, 2025, its shareholders were the Indonesian government (70%, through Danantara and BP BUMN), the public (29.97%, each below 2%), and its management (0.03%). (ends)