PEFINDO has assigned its idA rating to PT Raharja Energi Cepu Tbk

(March 25, 2026)--PEFINDO has assigned its idA rating to PT Raharja Energi Cepu Tbk (RATU)’s proposed Bond I Year 2026 of IDR300 billion and idA(sy) rating to RATU’s proposed Sukuk Wakalah I Year 2026 of IDR500 billion. The bond and sukuk wakalah issuance proceeds will be used for new development capital expenditure and refinancing bank loans. PEFINDO has also affirmed its idA rating with stable outlook to RATU.

The rating reflects RATU’s strong credit profile of its key investee, good investment management, and strong financial profile. The rating is constrained by its concentrated investment portfolio, as well as inherent risk in commodity-based sectors and exposure to energy transition risk.

The rating may be raised if the credit quality of its key investees materially strengthens by generating significant cash flow and EBITDA, while also improving financial leverage to a conservative level. We may also raise the rating if RATU substantially enlarges its investment scale while subsequently maintaining a strong financial profile. On the other hand, the rating may be lowered if the Company’s revenue or EBITDA falls significantly short of targets or if RATU incurs more debt than projected, which will aggravate its capital structure and cash flow protection measures.

RATU engages in oil and gas upstream investment activities. RATU has direct control of the Jabung Production Sharing Contract (PSC) via PT Raharja Energi Tanjung Jabung (RETJ) with an 8% Participating Interest operated by PetroChina Jabung Ltd, while also having indirect control of the Cepu PSC with a Participating Interest of 2.2423%, operated by ExxonMobil. Jabung PSC is jointly owned with PetroChina International Jabung Ltd., Petronas Carigali Jabung Ltd., PT Pertamina Hulu Energi Jabung, and PT GPI Jabung Indonesia. Cepu PSC is jointly owned with PT Pertamina EP Cepu (45%), ExxonMobil Cepu Ltd. (20.5%), Ampolex (Cepu) Pte. Ltd. (24.5%), PT Sarana Patra Hulu Cepu (1.0910%), PT Asri Dharma Sejahtera (4.4847%), and PT Blora Patragas Hulu (2.1820%).

As of September 30, 2025, its shareholders consisted of PT Rukun Raharja Tbk (RAJA) with an ownership of 69.6280%, PT Rukun Prima Sarana (0.0037%), and the public (30.3683%). (ends)