PEFINDO affirms “idAAA” ratings to PT Angkasa Pura II (Persero) and its bonds
Tuesday, September 3 2019 - 10:49 PM WIB
(September 3, 2019)--PEFINDO has affirmed its “idAAA” ratings to PT Angkasa Pura II (Persero) (APIA), its Bond I Year 2016, and Shelf-Registered Bond I Phase I Year 2018. The outlook for the corporate rating is “stable”.
An obligor rated idAAA has the highest rating assigned by PEFINDO. The obligors’ capacity to meet its long-term financial commitment, relative to that of other Indonesian obligors, is superior.
The corporate rating reflects the strong government support to PT Angkasa Pura II (Persero) due to the critical role of airports, the Company’s strong competitive position as the nation’s largest airport operator, and its relatively stable profitability margin. However, the rating is constrained by its expected high financial leverage to support business expansion.
The rating could be lowered if PEFINDO views a reduction in government support, such as through a material divestment of ownership.
As a state-owned enterprise (SOE) engaged in airport and airport-related services, PT Angkasa Pura II (Persero) operates 16 airports, including the Soekarno-Hatta International Airport in Tangerang (Banten), the country’s largest airport and main gateway, Kualanamu International Airport in North Sumatra, and recently, it also operates Kertajati Airport in West Java and Tjilik Riwut Airport in Central Kalimantan. As of June 30, 2019, PT Angkasa Pura II (Persero) was 100% owned by the Government of Indonesia. (ends)