PEFINDO affirms “idAA” rating for PT Jasa Marga (Persero) Tbk’s maturing bond

(July 18, 2019)--PEFINDO has affirmed its “idAA” rating for PT Jasa Marga (Persero) Tbk (JSMR)’s maturing Shelf-Registered Bond I Phase II Year 2014 amounting to IDR1.0 trillion, which will mature on September 19, 2019. The Company’s readiness to repay its maturing bond is supported by internal cash flow and external funds that comes from existing standby loans. As of June 12, 2019, the Company had cash balance of IDR1.9 trillion and unused bank loan facilities of IDR4.0 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.

JSMR is the largest toll road operator in Indonesia. Its portfolio includes 13 old toll road concessions (Jagorawi, Jakarta-Tangerang, Ulujami-Pondok Aren, JIRR, Prof. Dr. Sedyatmo, Jakarta-Cikampek, JORR, Cikampek-Padalarang, Padaleunyi, Palikanci, Semarang, Surabaya-Gempol, and Belmera), seven fully operated toll roads (Nusa Dua-Ngurah Rai-Benoa, JORR W2N, Surabaya-Mojokerto, SoloNgawi, Semarang-Solo, Gempol-Pasuruan, Batang-Semarang), and four half operated toll roads (Gempol Pandaan, Bogor Outer Ring Road, Medan-Kualanamu-Tebing Tinggi, Ngawi-Kertosono-Kediri). It is also in the process of land acquisition and construction on nine toll road projects (Cengkareng-Kunciran, Kunciran-Serpong, Serpong-Cinere, Pandaan-Malang, Balikpapan-Samarinda, Manado-Bitung, Jakarta II Elevated, Jakarta-Cikampek II South, Probolinggo-Banyuwangi). As of March 31, 2019, the Company’s shareholders consisted of the Indonesian government (70.0%), management and employees (0.1%), and the public (29.9%). (ends)