JAKARTA - Angkasa Pura Airports maintainsed its idAAA (Triple A) rating from the rating agency PT Pemeringkat Efek Indonesia (Pefindo) with a stable outlook for the period of 7 August 2018 until 1 August 2019.
Pefindo also reassigned the idAAA rating on Bond I Angkasa Pura Airports Series A, Series B, Series C in 2016 valued at 2.5 trillion IDR and rated idAAA (sy) on the Sukuk Ijarah I Angkasa Pura Airports Series A, Series B, Series C Year 2016 worth 500 billion IDR for the same period as the corporate rating period, i.e. 7 August 2018 to 1 August 2019.
The rating by Pefindo is based on data and information from the company as well as from Unaudited Financial Statements as of 30 June 2018 and the Audited Financial Reports as of 31 December 2017.
As generally known, the idAAA rating is the highest rating given by Pefindo. This rating shows the ability of the bond issuer (obligor) that is excellentin fulfilling its long-term commitment.
The Finance Director of Angkasa Pura Airports Novrihandri said that the highest rating for the bonds issued by Angkasa Pura Airports is part of the annual monitoring that provides a brief illustration of how attractive the bondsare for investors.
"This rating also shows that the risk of corporate defaults is very low and it provides an overview for prospective investors ensuring that the bonds issued by Angkasa Pura Airports have good prospects as an investment instrument," Novrihandri said.
The ratings reflect strong government support for Angkasa Pura Airports because of the airport's strategic role, strong competitive advantage for the economy of the relevant region, and a stable profitability margin. However, the ratings were constrained by high financial leverage in the short to medium term.
Approximately seventy five percent of the funds derived from the Bonds and from the Sukuk Ijarah after deducting the emission costs at the beginning of the acquisition was used by Angkasa Pura Airports to develop its five airports, namely New Yogyakarta International Airport, Ahmad Yani Airport Semarang, Syamsudin Noor Airport Banjarmasin , Juanda Airport Surabaya, and Sultan Hasanuddin Airport Makassar. The remaining funds was used for routine investment.
Three of the five airports: namely, Semarang Ahmad Yani Airport, New Yogyakarta International Airport in Kulonprogo, and Banjarmasin Syamsudin Noor Airport was listed in the national strategic projects (PSN). In the beginning of June 2018, the New Terminal of Ahmad Yani Airport in Semarang was officially opened by the President of the Republic of Indonesia Joko Widodo. To follow soon, the New Yogyakarta International Airport is targeted to start operating in April 2019 and Banjarmasin Syamsudin Noor Airport in November 2019. [DR]
