PEFINDO: “idA1+” rating for PT Jasa Marga (Persero) Tbk’s maturing commercial paper

(August 9, 2021)--PEFINDO has affirmed its “idA1+” rating for PT Jasa Marga (Persero) Tbk (JSMR)’s maturing Commercial Paper I Year 2020 amounting to IDR566 billion, which will mature on October 13, 2021. The Company plans to repay its maturing bond using internal cash flow. As of June 30, 2021, the Company had cash and cash equivalents of IDR3.97 trillion including IDR1.35 trillion at the parent company and unused bank loan facilities of IDR5.2 trillion.

A short-term debt security rated idA1+ has the highest rating category assigned by PEFINDO. The issuer’s capacity to meet its shortterm financial commitments on the debt security, relative to those of other Indonesian issuers, is superior.

JSMR is the largest toll road operator in Indonesia. Its portfolio includes 13 toll road concessions at parent company and 21 toll road concession at subsidiaries. As of June 30, 2021, its shareholders consisted of the Government of Indonesia (70.0%), DJS Ketenagakerjaan-JHT (3.4%), BNYM RE BNYMLB RE Employees ProvidentFD (2.35%), PT Taspen (Persero) (2.2%), and the public (22.0%). (ends)