PEFINDO has assigned its idAA rating for PT Dian Swastatika Sentosa Tbk (DSSA)’s

(July 6, 2026)--PEFINDO has assigned its idAA rating for PT Dian Swastatika Sentosa Tbk (DSSA)’s proposed Shelf-Registered Bond II and its idAA(sy) rating for its proposed Shelf- Registered Mudharabah Sukuk II of a maximum of IDR6.3 trillion and IDR2.7 trillion, respectively. The proceeds will be used for refinancing and working capital. PEFINDO has also affirmed its idAA ratings for DSSA and its outstanding Shelf-Registered Bond I and idAA(sy) ratings for DSSA’s outstanding Shelf-Registered Mudharabah Sukuk I.

Outlook for the corporate rating is stable. The rating reflects DSSA’s very strong credit profile of its key investee (PT Golden Energy Mines Tbk or GEMS), diversified investment portfolio, and very strong financial profile. The corporate rating is constrained by project execution risk, its exposure to the energy transition risk and fluctuations in commodity prices.

The rating may be raised if DSSA strengthens its cash inflow stream from its non-coal investees while maintaining its conservative capital structure. The rating may be lowered following a significant deterioration of GEMS’ performance or higher-than- projected debt without being compensated by a stronger business profile, which will weaken its financial profile on a sustained basis. Any significant and persistent shortfall in coal commodity prices may also trigger rating pressure.

DSSA is a holding company with subsidiaries engaged in coal mining and trading, new and renewable energy, digital infrastructure and technology, chemicals, and investment. DSSA is part of Sinar Mas Group, with shareholders as of the end of 2025 consisting of PT Sinar Mas Tunggal (59.90%), treasury stock (19.68%), and the public (20.42%). (ends)