PEFINDO has raised the corporate rating of PT Wijaya Karya (Persero) Tbk to idB from idSD

(April 29, 2026)--PEFINDO has raised the corporate rating of PT Wijaya Karya (Persero) Tbk (WIKA) to idB from idSD. Outlook for the corporate rating is revised to CreditWatch with Negative Implications. At the same time, we also raised the ratings of Shelf-Registered (SR) Bond I, II, III to idB from idD, and the ratings of SR Sukuk Mudharabah I, II, III to idB(sy) from idD(sy). The rating action is related to the information disclosure dated 22 – 28 April 2026, in which WIKA successfully secured approval from holders of all its outstanding Bonds and Sukuks for waivers on principal and coupon mispayments, fulfillment of financial ratios, as well as extensions of principal and coupon maturities. The CreditWatch with Negative Implications outlook reflects the Company’s elevated liquidity risk in meeting its maturing principal and coupon obligations in the near term, amid its persistently weak business performance.

The corporate rating reflects WIKA’s weak financial and liquidity profile as well as risks from previous expansion.

We may lower the rating if there are indications that WIKA is unable to meet its maturing principal or coupon obligations. The outlook may be revised to stable without a rating change if WIKA demonstrates a significant improvement in its business performance and financial profile, while maintaining timely and sustained payments of its principal and coupon obligations.

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 December 31, 2025, its shareholders consisted of the Indonesian Government through a Golden Share, PT Danantara Asset Management (Persero) (91.02%) and the public (8.98%). (ends)