Pefindo: PT Raharja Energi Cepu Tbk (RATU) rated idA with stable outlook

(October 13, 2025)--The rating reflects RATU’s strong credit profile of its key investee, good investment management, and strong financial profile. However, the rating is constrained by its concentrated investment portfolio, as well as inherent risk in commodity-based sectors and exposure to energy transition risk.

The rating may be raised if the credit quality of its key investees materially strengthens by generating significant cash flow and EBITDA, while also improving the financial leverage to a conservative level. We may also raise the rating if RATU substantially enlarges its investment scale while subsequently maintaining a strong financial profile.

On the other hand, the rating may be lowered if the Company’s revenue or EBITDA falls significantly short of the targets or if RATU incurs more debt than projected, which will aggravate its capital structure and cash flow protection measures.

RATU engages in oil and gas upstream investment activities. RATU has direct control of Jabung Production Sharing Contract (PSC) via PT Raharja Energi Tanjung Jabung (RETJ) with 8% Participating Interest operated by PetroChina Jabung Ltd, while also having indirect control of Cepu PSC with Participating Interest of 2.2423% operated by Exxonmobil. Jabung PSC is jointly owned with PetroChina International Jabung Ltd., Petronas Carigali Jabung Ltd., PT Pertamina Hulu Energi Jabung, and PT GPI Jabung Indonesia. Cepu PSC is jointly owned with PT Pertamina EP Cepu (45%), Mobil Cepu Ltd. (20.5%), Ampolex (Cepu) Pte. Ltd. (24.5%), PT Sarana Patra Hulu Cepu (1.0910%), PT Asri Dharma Sejahtera (4.4847%), and PT Blora Patragas Hulu (2.1820%). As of June 2025, its shareholders consisted of PT Rukun Raharja Tbk (RAJA) with ownership of 69.996%, PT Rukun Prima Sarana (0.004%), and the public (30%). (ends)