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

(July 14, 2026)--The rating reflects RAJA’s strong market position, secured contract schemes, and strong financial profile. The rating is constrained by exposure to commodity price fluctuations, project development risk, and a concentrated business 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 secure 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, strongly driven by offtake contracts with Sinarmas Group. 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 the Jabung and Cepu blocks. As of April 30, 2026, its shareholders were PT Sentosa Bersama Mitra (35.45%), Mr. Hapsoro (27.52%), PT Basis Utama Prima (12.38%), the public (24.31%), and treasury shares (0.35%). (ends)