PEFINDO has assigned its idAA rating for PT Indonesia Infrastructure Finance (IIF)

(June 29, 2026)--PEFINDO has assigned its idAA rating for PT Indonesia Infrastructure Finance (IIF)’s proposed Shelf-Registered Perpetual Notes with the maximum amount of issuance of IDR2.0 trillion. The perpetual note’s rating is two notches below the corporate and senior debt rating, given the perpetual bond’s junior status. In addition, the perpetual bond is classified as additional tier 1 capital and has the characteristic of complete discretion in coupon deferral. At the same time, PEFINDO has also affirmed its idAAA ratings for IIF and its outstanding shelf-registered bonds, as well as idAA rating for IIF’s Perpetual Notes. Outlook for the corporate credit rating is stable.

The corporate rating reflects IIF’s very strong likelihood of support from its shareholders. The rating is not driven by its standalone credit profile, which reflects its above-average presence in the infrastructure financing segment, strong capitalization profile, as well as strong liquidity and financial flexibility, but it is constrained by its concentrated financing profile and limited number of feasible infrastructure projects.

The rating may be lowered if there is a material reduction in support from its shareholders, which can be indicated by their declining ownership and control.

IIF was established in 2010 as a non-bank financial institution focusing on investing in commercially feasible infrastructure projects by implementing international standards in social and environmental aspects to ensure the long-term viability of Indonesian infrastructure development. IIF provides long-term, fund-based products, such as senior loans, mezzanine finance, and equity participations, in addition to non-fund-based products, such as guarantees and fee-based services. As of December 31, 2025, its shareholders consisted of PT Sarana Multi Infrastruktur (Persero) (SMI, 44.99%), International Finance Corporation (IFC, 15.71%), Asian Development Bank (ADB, 15.71%), Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG, 11.88%), and Sumitomo Mitsui Banking Corporation (SMBC, 11.71%). (ends)