PEFINDO has assigned the rating of PT Rukun Raharja Tbk (RAJA) at idA+ with stable outlook

(February 10, 2026)--PEFINDO has assigned the rating of PT Rukun Raharja Tbk (RAJA) at idA+ with stable outlook. The rating reflects RAJA’s strong market position, secured contract schemes, and strong financial profile. The rating is constrained by exposure to the risk of fluctuations in commodity prices, along with the risk of a concentrated customer profile.

The rating may be raised if RAJA manages to upscale overall interstream business, particularly in midstream and downstream businesses, benefiting cost leadership, resulting in more stable profitability. This condition shall be accompanied by the Company’s ability to maintain a strong financial profile. We may lower the rating if RAJA incurs substantially larger debt than projected, thus significantly weakening its capital structure and cash flow protection, without being compensated for by stronger business performance. The rating may also be under pressure if RAJA fails to maintain its relatively secured end-to-end contract, particularly in downstream businesses, which face the risk of gas supply depletion, or if there are macroeconomic or commodity price fluctuations, which would adversely affect its business and financial performances

RAJA engages in gas transmission and distribution in Indonesia. The Company also has strategic consortium assets in the midstream business, partnered with PT Pertamina Gas (Pertagas) as the largest transmission pipe operator, and in the upstream business by having participating interests in Jabung and Cepu blocks. As of September 30, 2025, its shareholders were PT Sentosa Bersama Mitra (36.08%), Mr. Hapsoro (28.23%), PT Basis Utama Prima (11.90%), and the public (23.79%). (ends)