PEFINDO has assigned its idAA rating with stable outlook for PT Maruwai Coal

(June 22, 2026)--PEFINDO has assigned its idAA rating with stable outlook for PT Maruwai Coal (COKE). The rating reflects Maruwai Coal’s very strong competitive position, very well- integrated mining operation, and very strong financial profile. The rating is constrained by the Company’s concentrated business profile and exposure to commodity price volatility.

The rating may be raised if Maruwai Coal is able to materially strengthen its business profile, particularly through diversification of revenue streams or enhancement of business sustainability, while maintaining very strong operating and financial metrics. Conversely, the rating may be under pressure if the Company experiences a sustained weakening in revenue or EBITDA, a significant delay in the development of its coal handling and processing plant, which impacts the Company’s projected revenue and EBITDA, or if financial leverage increases significantly, weakening its debt repayment capacity.

Maruwai Coal is one of the largest metallurgical coal mining companies in Indonesia, with an annual production of around 6 million tons, operating the Lampunut mines in Central Kalimantan covering a mining area of 24,990 Ha. As of March 31, 2026, PT Alamtri Minerals Tbk (ADMR), through its subsidiary PT Alamtri Daya Indonesia, effectively owns 99.99% of the Company’s shares. (ends)