PEFINDO affirms “idBBB” ratings for WSKT’s maturing bonds amounting to a total of IDR1.7 trillion

(July 30, 2021)--PEFINDO has affirmed its “idBBB” ratings for PT Waskita Karya (Persero) Tbk (WSKT)’s maturing shelf-registered Bonds II 2016 of IDR900 billion and shelf-registered Bonds III 2018 phase III series A of IDR761 billion, both of which will due on September 28, 2021. WSKT is expected to fully repay its maturing bonds using proceeds from its corporate action plan.

Debt security rated idBBB denotes adequate protection parameters relative to other Indonesian debt securities. However, adverse economic conditions or changing circumstances are more likely to weaken the issuer’s capacity to meet its long-term financial commitments on the debt security.

WSKT engages mainly in providing construction works with a contribution of 90% of its revenue in 2020. Its other businesses include precast concrete, toll roads, property, and energy. It has an extensive domestic marketing network with 33 marketing offices throughout the country. The Indonesian government held a 66% stake in WSKT as of March 31, 2021, with the remainder being publicly owned. (ends)