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Jakarta Post

S&P upgrades rating of eight Indonesian companies

  • News Desk

    The Jakarta Post

Jakarta   /   Mon, June 10, 2019   /   02:31 pm
S&P upgrades rating of eight Indonesian companies Standard Chartered Indonesia employees serve customers in Jakarta. (

After upgrading Indonesia’s sovereign rating to BBB from BBB- with stable outlook, Standard & Poor's (S&P) Global Ratings has also looked into the long-term debt rating of nine Indonesian companies and their bonds.

S&P has upgraded the rating of six companies, state-owned electricity company PLN, state-owned energy holding company Pertamina, two state-owned port operators -- PT Pelabuhan Indonesia II (Pelindo II) and PT Pelabuhan Indonesia III (Pelindo III) as well as two other private companies -- PT Cikarang Listrindo and PT Astra Internasional.

Meanwhile, S&P has changed the rating prospect from negative to stable for state-owned gas subholding company PT Perusahaan Gas Negara (PGN) and PGN subsidiary PT Saka Energi Indonesia. The rating firm has maintained the BB+/stable rating of state-owned toll road operator PT Jasa Marga. reported on Monday that S&P considered that PLN and Pertamina had important roles in supporting the government performance. PLN and Pertamina’s ratings were upgraded to BBB with stable outlook from BBB-. The rating upgrade was also given to Majapahit Holding B.V., a PLN subsidiary that acts as issuer of PLN’s global bonds.

PT Pelindo II’s rating was upgraded to BBB from BBB-, while PT Pelindo III went from BB+ to BBB-with stable outlook as S&P took into consideration the high government support for the two companies. 

The following are the ratings for the nine companies:

PLN to BBB/stable from BBB-/stable

Pertamina to BBB/stable from BBB-/stable

Pelindo II to BBB/stable from BBB-/stable

Pelindo III to BBB-/stable from BB+/stable

Cikarang Listrindo to BB+/stable from BB/stable

Astra International to BBB+/stable from BBB/stable for foreign exchange, while for the rupiah the rating is maintained as BBB+/stable

PGN to BBB-/stable from BBB-/negative

Saka Energi to BB+/stable from BB+/negative

Jasa Marga remains at BB+/stable. (bbn)