(July 4, 2025)--PEFINDO has assigned its idA rating to PT Petrindo Jaya Kreasi Tbk (CUAN)’s proposed Shelf Registered (SR) Bond I of maximum IDR2 trillion and its idA(sy) rating for Shelf Registered Sukuk Wakalah I of maximum IDR1 trillion. The Company plans to issue Shelf Registered Bond I Phase I of maximum IDR650 billion, which will be loaned to its subsidiary, PT Multi Tambangjaya Utama (MUTU), to finance its working capital, and Shelf Registered Sukuk Wakalah I Phase I of maximum IDR350 billion for the same purpose with Mudharabah contract. At the same time, PEFINDO has affirmed CUAN’s corporate rating at idA rating with stable outlook.
The rating reflects the Company’s well-integrated mining company and strong business diversification. The rating is constrained by the risk of developing new projects, moderate capital structure, as well as exposure to coal price fluctuation and adverse weather.
The rating may be raised if CUAN successfully operates its new projects, which will positively affect its revenue as well as profit margin and further strengthen its financial profile. The rating may be lowered if the Company’s revenue and profit margin fall significantly short of the targets or CUAN incurs more debt than projected, which will aggravate its capital structure and cash flow. A weakened financial profile due to prolonged and lower coal prices may also put the rating under pressure.
PT Petrindo Jaya Kreasi Tbk is an integrated mining company with three coal mines in operation, four coal mines in development, two other mines in early development, one mining and EPC contractor under PT Petrosea Tbk, as well as several mining support companies. As of February 28, 2025, the Company is owned by Prajogo Pangestu (84.966%) and the public (15.034%). (ends)
