PEFINDO has assigned its idAAA rating with stable outlook to PT Kereta Commuter Indonesia (KCI)

(July 13, 2026)--The rating is mainly driven by the very strong likelihood of support from PT Kereta Api Indonesia (Persero) (KAI, idAAA/stable) as the parent company. KCI’s standalone credit profile is supported by its very strong economy of the service area and stable profitability, but it is constrained by moderate leverage due to significant capital expenditure (capex).

A rating downgrade in KAI may trigger a similar rating action to KCI. We may also lower KCI’s rating if we believe KAI’s commitment to providing support to KCI has weakened, such as through a significant reduction in KAI’s ownership or control. KCI’s standalone rating may be under pressure if the Company pursues a more aggressive financial policy, indicated by significantly higher debt, without being compensated by stronger revenue prospects.

KCI provides rail passenger services, with its operations largely managing the Greater Jakarta commuter lines. Since 2023, the Company has also operated the Basoetta rail services, connecting its existing commuter line operations to Soekarno-Hatta International Airport. KCI is 99.3% owned by KAI. (ends)