PEFINDO: PT Sarana Multi Infrastruktur (Persero) (SMI) rated idAAA with stable outlook

(April 6, 2026)--PEFINDO has also affirmed its idAAA ratings to SMI’s outstanding shelf-registered bonds and its idAAA(sy) ratings to SMI’s shelf-registered sukuk. The rating is mainly driven by its very high likelihood of support from the Indonesian government as the shareholder. SMI’s credit standalone profile is supported by its very strong market presence in infrastructure financing, very strong capitalization profile, as well as very strong liquidity and financial flexibility. However, the rating is constrained by its concentrated financing profile and exposure to fiscal capacity and regulatory changes of public sector institutions.

The rating may be lowered if the degree of government support significantly weakens, which may be indicated by substantially declining control and ownership.

SMI is a wholly state-owned entity established to accelerate infrastructure development in Indonesia by providing an alternative source of funds for project financing and promoting public-private partnership (PPP). (ends)