PEFINDO has affirmed the ratings of PT Wijaya Karya (Persero) Tbk (WIKA) and its Shelf-Registered Bonds at idB

(July 9, 2026)--We have also affirmed the ratings of WIKA’s SR Sukuk Mudharabah at idB(sy). Outlook for the corporate rating is maintained at CreditWatch with Negative Implication, reflecting the Company’s elevated liquidity risk in meeting its maturing principal and coupon obligations in the near term, amid its persistently weak business performance.

The corporate rating reflects WIKA’s weak financial and liquidity profile as well as risks from previous expansion.

We may lower the rating if there are indications that WIKA is unable to meet its maturing principal or coupon obligations. The outlook may be revised to stable without a rating change if WIKA demonstrates a significant improvement in its business performance and financial profile, while maintaining timely and sustained payments of its principal and coupon obligations.

Established in 1960, WIKA is one of the state-owned enterprises (SOE) in the construction sector. The Company covers investments, realty & property, infrastructure & building, energy & industrial plant, and industry segments. As of March 31, 2026, its shareholders consisted of the Indonesian Government through a Golden Share, PT Danantara Asset Management (Persero) (90.02%), BP BUMN (1%), and the public (8.98%). (ends)