PEFINDO has lowered the corporate rating of PT Wijaya Karya (Persero) Tbk (WIKA) to idSD from idB with CreditWatch with Negative Implication

(August 4, 2026)--PEFINDO has lowered the corporate rating of PT Wijaya Karya (Persero) Tbk (WIKA) to idSD from idB with CreditWatch with Negative Implication and Shelf-Registered (SR) Sukuk Mudharabah III to idD(sy) from idB(sy). At the same time, we also lowered the ratings of WIKA’s SR Bond I, II, and III to idCCC from idB and SR Sukuk Mudharabah I and II to idCCC(sy) from idB(sy).

These rating actions are related to the information disclosure dated July 31, 2026, in which the Company stated to defer the profit-sharing payment of SR Sukuk Mudharabah III after failing to obtain Sukuk holders’ approval to extend the profit-sharing maturity date, resulting in a payment deferral due on August 3, 2026.

The corporate rating reflects WIKA’s weak financial and liquidity profile as well as risks from previous expansion. We may review the ratings if WIKA is able to resolve the deferred profit-sharing payments of its Sukuk.

Established in 1960, WIKA is one of the state-owned enterprises (SOEs) in the construction sector. The Company covers investments, realty & property, infrastructure & building, energy & industrial plant, and industry segments. As of March 31, 2026, its shareholders consisted of the Indonesian Government through a Golden Share, PT Danantara Asset Management (Persero) (90.02%), BP BUMN (1%), and the public (8.98%). (ends)