PEFINDO has assigned its idA(sy) rating to PT TBS Energi Utama Tbk

(November 27, 2025)--PEFINDO has assigned its idA(sy) rating to PT TBS Energi Utama Tbk (TBS)’s Sukuk Wakalah II Year 2025 of IDR448.5 billion. At the same time, PEFINDO has affirmed its idA ratings to TBS and its outstanding Bond I Year 2023 and Shelf Registered Bond I Year 2025 as well as its idA(sy) rating for its outstanding Sukuk Wakalah I Year 2025. Outlook for the corporate rating is stable.

The rating reflects TBS’ well-diversified business, conservative capital structure as well as strong business profile from new businesses. The rating is constrained by the risk of developing new projects and exposure to fluctuating commodity prices.

The rating may be raised if TBS successfully operates its new projects and generates higher revenue and profit margins than projected while maintaining its conservative capital structure. The rating may be lowered if the Company generates lower revenue and profit margins than projected due to underperforming new projects. TBS’ policy to be more aggressive in financing its investment strategy or capital expenditure with substantial debt without compensating with a higher revenue may also negatively affect its credit rating. Delays in construction projects may also trigger a rating downgrade, as this will adversely affect its financial profile.

PT TBS Energi Utama Tbk was founded in 2008 and has several operating subsidiaries, such as in the coal industry in East Kalimantan, waste management in Singapore and Indonesia, a mini-hydro power plant in Lampung, a floating solar power plant in Batam, and electric vehicle. The Company also plans to develop its business in renewable energy in the near to medium term. As of June 30, 2025, its shareholders were Highland Strategic Holdings Pte., Ltd (60.356%), PT Toba Sejahtra (8.291%), PT Bara Makmur Abadi (4.420%), and the public (26.933%). (ends)