PEFINDO: PT Jasamarga Pandaan Tol maturing Sukuk Ijarah rated “idA+(sy)”

(April 25, 2022)--PEFINDO has affirmed its “idA+(sy)” rating for PT Jasamarga Pandaan Tol. (JPTR)’s Sukuk Ijarah Year 2019 Series A of IDR100 billion due on July 17, 2022, which will be repaid using internal cash with reported cash and cash equivalents of IDR188.1 billion by the end of February 28, 2022.

A syariah based financing instrument rated idA(sy) indicates that the issuer’s capacity to meet its long-term financial commitments under the syariah financing contract, relative to other Indonesian issuers, is strong. However, it is somewhat more susceptible to adverse effects of changes in circumstances and economic conditions than higher-rated instruments. The Plus (+) sign indicates that the rating is relatively strong within the respective rating category.

Established on September 25, 1996, JPTR operates the Gempol-Pandaan toll road, comprising a 12.05-kilometer (km) Tranche I operating since June 12, 2015, and a 1.56 km Tranche II since May 13, 2019, when the Pandaan-Malang toll road commenced operation. Its concession agreement with the Indonesian Toll Road Authority effective until October 3, 2049. It is a subsidiary of Jasa Marga, the leading toll road operator in Indonesia with 40 years of experience. In April 2019, JPTR exercised a rights issue through the KIKDINFRA issuance, resulting in the entry of a new shareholder and a reduced stake for Jasa Marga, although it has the option to gradually buy back shares over the next five years. At the end of December 2021, its shareholders consisted of Jasa Marga (40%), PT Trans Optima Luhur (53.8%), and PT Jalan Tol Kabupaten Pasuruan (6.2%). (ends)