Pefindo: “idAA-” rating for PT Jasa Marga (Persero) Tbk’s maturing bond

(August 13, 2020)--PEFINDO has affirmed its “idAA-” rating for PT Jasa Marga (Persero) Tbk (JSMR)’s maturing Bond XIV Series JM-10 Year 2010 amounting to IDR1 trillion, which will mature on October 12, 2020. The Company plans to repay its maturing bond using a combination of internal cash flow and external funds from unused bank loan facilities. As of June 30, 2020, the Company had cash and cash equivalents of IDR3.9 trillion including IDR1.8 trillion at the parent company and unused bank loan facilities of IDR4.4 trillion.

A debt security rated idAA differs from the highest rated debt only to a small degree. The obligor’s capacity to meet its long-term financial commitments on the debt security, relative to other Indonesian obligors, is very strong. The Minus (-) sign indicates that the rating is relatively weak within the respective rating category.

JSMR is the largest toll road operator in Indonesia. Its portfolio includes 13 old toll road concessions (Jagorawi, Jakarta-Tangerang, Ulujami-Pondok Aren, Jakarta Inner Ring Road (Cawang-Tomang-Pluit), Prof. Dr. Sedyatmo, Jakarta-Cikampek, Jakarta Outer Ring Road/JORR, Cikampek-Padalarang, Padaleunyi, Palikanci, Semarang, Surabaya-Gempol, and Belmera), 12 fully operated toll roads at subsidiaries (Nusa Dua-Ngurah Rai-Benoa, JORR W2N, Surabaya-Mojokerto, Solo-Ngawi, Semarang-Solo, Gempol-Pasuruan, BatangSemarang, Medan-Kualanamu-Tebing Tinggi, Gempol-Pandaan, Kunciran-Serpong, Jakarta-Cikampek II Elevated, and Pandaan-Malang), and 3 partially operated toll roads (Bogor Ring Road, Ngawi-Kertosono-Kediri, and Balikpapan-Samarinda). It is also in the process of land acquisition and construction on 5 toll road projects at subsidiaries (Cengkareng-Kunciran, Serpong-Cinere, Jakarta-Cikampek II South, Manado-Bitung, and Probolinggo-Banyuwangi). As of June 30, 2020, its shareholders were the Indonesian government (70.0%), BPJS Ketenagakerjaan (3.4%), PT Taspen (2.2%), and the public (24.4%). (ends)