PT Sarana Multi Infrastruktur (Persero) (SMI) rated idAAA with stable outlook
Wednesday, March 11 2026 - 09:17 PM WIB
(March 11, 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. SMI’s Shelf Registration Bond III Phase III Year 2023 Series B, amounting to IDR1.9 trillion, will mature on May 17, 2026. The Company plans to repay its maturing debt instrument using internal funds, with cash and cash equivalents of IDR13.4 trillion at the end of December 2025.
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 kerjasama pemerintah dan badan usaha (KPBU). (ends)