JAKARTA - Angkasa Pura Airports has received idAAA (Triple A) rating, again, from credit-rating agency PT Indonesia Rating Agency (Pefindo) with a stable outlook for the period August 12, 2019 to August 1, 2020.
In addition, Pefindo also gave idAAA rating for Series A, Series B, Series C of Angkasa Pura I bonds in 2016 worth Rp2.5 trillion and idAAA (sy) rating for Sukuk Ijarah I of Angkasa Pura I of Series A, Series B, Series C in 2016 worth Rp500 billion for the same period as the corporate rating period on August 12, 2019 to August 1, 2020.
The rating is given by Pefindo based on data and information from the company as well as Unaudited Financial Report as of June 30, 2019 and Audited Financial Report as of December 31, 2018.
For information, idAAA is the highest rating given by Pefindo. The rating shows the bond issuers are able to fulfil their long-term commitments.
Angkasa Pura Airports Finance Director Novrihandri said the highest rating of Angkasa Pura Airports bonds, which was given due to annual monitoring, shows Angkasa Pura Airports bonds are promising for the investors.
"This rating also shows that the risk of default of companies is very low so that it can give an idea to potential investors that the bonds issued by Angkasa Pura Airports have good prospects as an investment instrument,” Novrihandri said.
In addition, the ratings reflect strong government support for Angkasa Pura Airports due to the strategic role of the airport, strong competitive advantages of the economies of the served regions, and stable profitability margins. However, the rating is constrained by high financial leverage in short to medium term.
For information, around 75% of funds obtained from bonds and sukuk ijarah, after deducting emissions costs since the initial acquisition, are used by Angkasa Pura I to develop its five airports, namely Yogyakarta International Airport in Kulon Progo, Jenderal Ahmad Yani International Airport in Semarang, Syamsudin Noor International Airport in Banjarmasin, Juanda International Airport in Surabaya, and Sultan Hasanuddin International Airport in Makassar. The rest is used for routine investment.
Three of the five airports, namely Ahmad Yani International Airport, Yogyakarta International Airport and Syamsudin Noor International Airport are in the list of national strategic projects (PSN).
In early May 2019, Yogyakarta International Airport began operating for some domestic flights. It is targeted that by the end of 2019, one of the largest airports in Indonesia can fully operate serving both domestic and international routes. Meanwhile, Jenderal Ahmad Yani International Airport terminal in Semarang has been inaugurated by the President of the Republic of Indonesia Joko Widodo and has been operating since June 2018. On the other side, Syamsudin Noor International Airport terminal is still under construction and is targeted to begin operation by the end of 2019.
