PEFINDO has lowered the ratings of PT Wijaya Karya (Persero) Tbk

(February 4, 2026)--PEFINDO has lowered the ratings of PT Wijaya Karya (Persero) Tbk (WIKA)’s Shelf-Registered (SR) Bond III Phase I to idD from idCCC and SR Sukuk Mudharabah III Phase I Serie B and C to idD(sy) from idCCC(sy). These rating actions follow WIKA’s deferral of the coupon payment on the respective financial instruments due on February 3, 2026. PEFINDO has maintained WIKA’s corporate rating at idSD, the rating of SR Bond II Phase II at idCCC, and SR Sukuk Mudharabah II Phase II Serie B and C at idCCC(sy).

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 principal and coupon payments of its matured Bond and Sukuk.

Established in 1961, WIKA is one of the state-owned enterprises (SOE) in the construction sector. The Company covers investments, realty & property, infrastructure & building, energy & industrial plant, and industry segments. As of September 30, 2025, its shareholders were the Indonesian government (91.02%) and the public (8.98%). (ends)