PEFINDO RATINGS UPDATE

Entity Name / Debt Issues Amount Debt Rating / Outlook Release Date
Outstanding Maturity
Bank Rakyat Indonesia Agroniaga Tbk. idAA/Stable 8-Mar-21
Bond I Year 2017 Series B IDR239.0 bn 2022-07-07 idAA 8-Mar-21

Federal International Finance idAAA/Stable 8-Mar-21

Shelf Registration Bond III Phase III Year 2018 Series B IDR1,408.0 bn 2021-04-11 idAAA 8-Mar-21
Shelf Registration Bond III Phase IV Year 2018 Series B IDR661.2 bn 2021-09-25 idAAA 8-Mar-21
Shelf Registration Bond III Phase V Year 2019 Series B IDR1,369.5 bn 2022-03-12 idAAA 8-Mar-21
Shelf Registration Bond IV Phase I Year 2019 Series B IDR1,042.3 bn 2022-06-25 idAAA 8-Mar-21
Shelf Registration Bond IV Phase II Year 2020 Series A IDR854.6 bn 2021-10-17 idAAA 8-Mar-21
Shelf Registration Bond IV Phase II Year 2020 Series B IDR645.4 bn 2023-10-07 idAAA 8-Mar-21

Pelabuhan Indonesia I (Persero) idAA-/Stable 8-Mar-21

Bond I Year 2016 Series B IDR500.0 bn 2021-06-21 idAA- 8-Mar-21
Bond I Year 2016 Series C IDR400.0 bn 2023-06-21 idAA- 8-Mar-21
Bond I Year 2016 Series D IDR50.0 bn 2026-06-21 idAA- 8-Mar-21

Barata Indonesia (Persero) idCCC/CreditWatch 8-Mar-21

with Negative
Implication
MTN I Year 2017 Series A IDR200.0 bn 2022-12-07 idCCC 8-Mar-21
MTN I Year 2017 Series B IDR100.0 bn 2023-03-15 idCCC 8-Mar-21

J Resources Asia Pasifik Tbk. idA/Stable 8-Mar-21

Shelf Registration Bond I Phase I Year 2019 IDR256.0 bn 2022-07-05 idA 8-Mar-21
Shelf Registration Bond I Phase II Year 2019 IDR500.0 bn 2022-09-25 idA 8-Mar-21
Shelf Registration Bond I Phase III Year 2020 IDR569.7 bn 2023-02-14 idA 8-Mar-21
Shelf Registration Bond I Phase IV Year 2020 IDR225.0 bn 2023-05-06 idA 8-Mar-21
Shelf Registration Bond I Phase V Year 2020 Series A IDR335.0 bn 2021-08-10 idA 8-Mar-21
Shelf Registration Bond I Phase V Year 2020 Series B IDR315.0 bn 2023-07-30 idA 8-Mar-21
Shelf Registration Bond I Phase VI Year 2020 Series A IDR252.2 bn 2021-12-07 idA 8-Mar-21
Shelf Registration Bond I Phase VI Year 2020 Series B IDR163.1 bn 2023-11-27 idA 8-Mar-21
Shelf Registration Bond I Phase VII Year 2021 IDR257.3 bn 2022-02-06 idA 8-Mar-21

AKR Corporindo Tbk. idAA-/Stable 8-Mar-21

Shelf Registration Bond I Phase I Year 2017 Series B IDR68.0 bn 2022-07-07 idAA- 8-Mar-21
Shelf Registration Bond I Phase I Year 2017 Series C IDR37.0 bn 2024-07-07 idAA- 8-Mar-21

Indosat Tbk. idAAA/Stable 4-Mar-21

Shelf Registration Bond II Phase III Year 2018 Series B IDR630.0 bn 2021-05-03 idAAA 4-Mar-21

Indah Kiat Pulp and Paper Tbk. idA+/Stable 4-Mar-21

Shelf Registration Bond I Phase I Year 2020 Series A IDR495.5 bn 2021-06-15 idA+ 4-Mar-21
Shelf Registration Bond I Phase I Year 2020 Series B IDR883.5 bn 2023-06-05 idA+ 4-Mar-21
Shelf Registration Bond I Phase I Year 2020 Series C IDR12.1 bn 2025-06-05 idA+ 4-Mar-21
Shelf registration Bond I Phase II Year 2020 Series A IDR925.6 bn 2021-09-26 idA+ 4-Mar-21
Shelf registration Bond I Phase II Year 2020 Series B IDR597.9 bn 2023-09-16 idA+ 4-Mar-21
Shelf registration Bond I Phase II Year 2020 Series C IDR276.6 bn 2025-09-16 idA+ 4-Mar-21
Shelf Registration Bond I Phase III Year 2020 Series A IDR504.6 bn 2021-12-21 idA+ 4-Mar-21
Shelf Registration Bond I Phase III Year 2020 Series B IDR2,468.4 bn 2023-12-11 idA+ 4-Mar-21
Shelf Registration Bond I Phase III Year 2020 Series C IDR582.7 bn 2025-12-11 idA+ 4-Mar-21

Perikanan Nusantara (Persero) idCCC/CreditWatch 3-Mar-21

with Negative
Implication

MTN I Year 2017 IDR200.0 bn 2022-12-04 idCCC 3-Mar-21

Bank Sumut idA/Stable 3-Mar-21

Shelf Registration Subordinated Bond I Phase I Year 2018 IDR444.0 bn 2025-07-05 idBBB+ 3-Mar-21

Dharma Satya Nusantara Tbk. idA-/Stable 3-Mar-21

Shelf Registration Bond I Phase I Year 2020 Series A IDR275.0 bn 2023-07-30 idA- 3-Mar-21
Shelf Registration Bond I Phase I Year 2020 Series B IDR176.0 bn 2025-07-30 idA- 3-Mar-21

Panorama Sentrawisata Tbk. idBB+/CreditWatch 3-Mar-21

with Negative
Implication
MTN II Year 2018 Series B IDR100.0 bn 2021-05-02 idBB+ 3-Mar-21

Bank Central Asia Tbk. idAAA/Stable 3-Mar-21

Shelf Registration Subordinated Bond I Phase I Year 2018 Series A IDR435.0 bn 2025-07-05 idAA 3-Mar-21
Shelf Registration Subordinated Bond I Phase I Year 2018 Series B IDR65.0 bn 2030-07-05 idAA 3-Mar-21

Mora Telematika Indonesia idA/Stable 3-Mar-21

Bond I Year 2017 Series B IDR460.0 bn 2022-12-06 idA 3-Mar-21
Shelf Registration Sukuk Ijarah I Phase I Year 2019 Series A IDR347.0 bn 2022-07-09 idA(sy) 3-Mar-21
Shelf Registration Sukuk Ijarah I Phase I Year 2019 Series B IDR653.0 bn 2024-07-09 idA(sy) 3-Mar-21
Shelf Registration Sukuk Ijarah I Phase II Year 2020 Series A IDR191.0 bn 2023-08-11 idA(sy) 3-Mar-21
Shelf Registration Sukuk Ijarah I Phase II Year 2020 Series B IDR86.0 bn 2025-08-11 idA(sy) 3-Mar-21
Shelf Registration Sukuk Ijarah I Phase III Year 2020 Series A IDR333.4 bn 2023-10-07 idA(sy) 3-Mar-21
Shelf Registration Sukuk Ijarah I Phase III Year 2020 Series B IDR56.2 bn 2025-10-07 idA(sy) 3-Mar-21

Bank Danamon Indonesia Tbk idAAA/Stable 3-Mar-21

1
Entity Name / Debt Issues Amount Debt Rating / Outlook Release Date
Outstanding Maturity
Semen Indonesia (Persero) Tbk. idAA+/Stable 3-Mar-21
Shelf Registration Bond I Phase I Year 2017 IDR3,000.0 bn 2022-06-20 idAA+ 3-Mar-21
Shelf Registration Bond I Phase II Year 2019 Series A IDR3,364.0 bn 2024-05-28 idAA+ 3-Mar-21
Shelf Registration Bond I Phase II Year 2019 Series B IDR714.0 bn 2026-05-28 idAA+ 3-Mar-21

Bank DKI idAA-/Stable 3-Mar-21

Shelf Registration Bond I Phase I Year 2016 IDR1,000.0 bn 2021-06-30 idAA- 3-Mar-21

Medco Power Indonesia idA/Stable 3-Mar-21

Bond I Year 2018 Series B IDR63.0 bn 2023-07-04 idA 3-Mar-21
Bond I Year 2018 Series C IDR258.0 bn 2025-07-04 idA 3-Mar-21
Sukuk Wakalah I Year 2018 Series B IDR404.0 bn 2023-07-04 idA(sy) 3-Mar-21
Sukuk Wakalah I Year 2018 Series C IDR43.0 bn 2025-07-04 idA(sy) 3-Mar-21
Sukuk Wakalah II Year 2019 Series A IDR832.7 bn 2022-05-23 idA(sy) 3-Mar-21
Sukuk Wakalah II Year 2019 Series B IDR7.0 bn 2024-05-23 idA(sy) 3-Mar-21
Sukuk Wakalah II Year 2019 Series C IDR10.3 bn 2026-05-23 idA(sy) 3-Mar-21

Surya Semesta Internusa Tbk. idBBB+/Stable 3-Mar-21

Shelf Registration Bond I Phase I Year 2016 Series B IDR390.0 bn 2021-09-22 idBBB+ 3-Mar-21

Adhi Commuter Properti idBBB/Negative 26-Feb-21

Pembangunan Jaya Ancol Tbk. idA/Negative 26-Feb-21

Shelf Registration Bond I Phase II Year 2018 Series B IDR350,00 bn 2021-05-18 idA 26-Feb-21

Bank Pembangunan Daerah Kalimantan Selatan idA-/Stable 25-Feb-21

Bank Pan Indonesia Tbk. idAA/Stable 17-Feb-21

Shelf Registration Bond II Phase IV Year 2018 IDR1,500.0 bn 2021-04-18 idAA 17-Feb-21

Jaminan Pembiayaan Askrindo Syariah idA+/Stable 17-Feb-21

Jamkrida Jakarta idBBB+/Stable 16-Feb-21

Batavia Prosperindo Finance Tbk. idBBB/Stable 15-Feb-21

Shelf Registration Bond II Phase I Year 2018 IDR206.5 bn 2021-06-25 idBBB 15-Feb-21
Shelf Registration Bond II Phase II Year 2020 IDR200.0 bn 2021-05-14 idBBB 15-Feb-21

Tridomain Performance Materials Tbk. idA-/Stable 15-Feb-21

MTN I Year 2017 USD20.0 mn 2021-05-18 idA- 15-Feb-21
MTN II Year 2018 IDR410.0 bn 2021-04-27 idA- 15-Feb-21
MTN III Year 2018 IDR250.0 bn 2021-07-04 idA- 15-Feb-21

Surya Artha Nusantara Finance idAA-/Stable 12-Feb-21

Shelf Registration Bond II Phase II Year 2017 Series C IDR31.0 bn 2022-03-30 idAA- 12-Feb-21

Oto Multiartha idAA+/Stable 11-Feb-21

Bond I Year 2017 Series C IDR217.0 bn 2022-05-30 idAA+ 11-Feb-21
Bond II Year 2018 Series B IDR850.0 bn 2021-04-18 idAA+ 11-Feb-21
Bond II Year 2018 Series C IDR76.0 bn 2023-04-18 idAA+ 11-Feb-21
Bond III Year 2019 Series B IDR320.0 bn 2022-04-26 idAA+ 11-Feb-21
Bond III Year 2019 Series C IDR480.0 bn 2024-04-26 idAA+ 11-Feb-21

Indomobil Finance Indonesia idA/Stable 11-Feb-21

Shelf Registration Bond II Phase IV Year 2017 Series C IDR121.0 bn 2022-03-23 idA 11-Feb-21
Shelf Registration Bond III Phase I Year 2017 Series C IDR65.0 bn 2022-07-07 idA 11-Feb-21
Shelf Registration Bond III Phase II Year 2018 Series C IDR157.0 bn 2023-02-15 idA 11-Feb-21
Shelf Registration Bond III Phase III Year 2018 Series B IDR430.0 bn 2021-05-18 idA 11-Feb-21
Shelf Registration Bond III Phase III Year 2018 Series C IDR55.0 bn 2023-05-18 idA 11-Feb-21
Shelf Registration Bond IV Phase I Year 2020 Series A IDR229.0 bn 2021-08-14 idA 11-Feb-21
Shelf Registration Bond IV Phase I Year 2020 Series B IDR17.0 bn 2023-08-04 idA 11-Feb-21
Shelf Registration Bond IV Phase I Year 2020 Series C IDR90.0 bn 2025-08-04 idA 11-Feb-21

Bank Syariah Indonesia Tbk. idAAA/Stable 11-Feb-21

Sukuk Mudharabah Subordinated Year 2016 IDR375.0 bn 2023-12-22 idAA(sy) 11-Feb-21

Bank Syariah Mandiri Withdrawn 11-Feb-21

Bank BNI Syariah Withdrawn 11-Feb-21

Mandala Multifinance Tbk. idA/Negative 11-Feb-21

Shelf Registration Bond III Phase V Year 2020 IDR100.0 bn 2021-04-12 idA 11-Feb-21

Bank Lampung idA-/Stable 11-Feb-21

Bond IV Year 2017 IDR610.0 bn 2022-07-07 idA- 11-Feb-21

Bank OCBC NISP Tbk. idAAA/Stable 10-Feb-21

Shelf Registration Bond II Phase IV Year 2018 Series B IDR535.0 bn 2021-04-10 idAAA 10-Feb-21
Shelf Registration Bond III Phase I Year 2018 Series C IDR342.0 bn 2021-07-06 idAAA 10-Feb-21

Pegadaian (Persero) idAAA/Stable 10-Feb-21

Shelf Registration Bond I Phase I Year 2011 Series C IDR500.0 bn 2021-10-11 idAAA 10-Feb-21
Shelf Registration Bond III Phase I Year 2017 Series C IDR1,000.0 bn 2022-10-03 idAAA 10-Feb-21
MTN Syariah Mudharabah I Year 2018 Series B IDR50.0 bn 2021-03-13 idAAA(sy) 10-Feb-21
Shelf Registration Bond III Phase II Year 2018 Series B IDR1,050.0 bn 2021-03-16 idAAA 10-Feb-21

2
Entity Name / Debt Issues Amount Debt Rating / Outlook Release Date
Outstanding Maturity
Shelf Registration Bond III Phase II Year 2018 Series C IDR2,000.0 bn 2023-03-16 idAAA 10-Feb-21
Shelf Registration Bond IV Phase I Year 2020 Series A IDR330.0 bn 2021-05-23 idAAA 10-Feb-21
Shelf Registration Bond IV Phase I Year 2020 Series B IDR70.0 bn 2023-05-13 idAAA 10-Feb-21
Shelf Registration Sukuk Mudharabah I Phase I Year 2020 Series A IDR51.0 bn 2021-05-23 idAAA(sy) 10-Feb-21
Shelf Registration Sukuk Mudharabah I Phase I Year 2020 Series B IDR49.0 bn 2023-05-13 idAAA(sy) 10-Feb-21
Shelf Registration Bond IV Phase II Year 2020 Series A IDR1,055.0 bn 2021-07-18 idAAA 10-Feb-21
Shelf Registration Bond IV Phase II Year 2020 Series B IDR303.0 bn 2023-07-08 idAAA 10-Feb-21
Shelf Registration Bond IV Phase II Year 2020 Series C IDR142.0 bn 2025-07-08 idAAA 10-Feb-21
Shelf Registration Sukuk Mudharabah I Phase II Year 2020 Series A IDR316.5 bn 2021-07-18 idAAA(sy) 10-Feb-21
Shelf Registration Sukuk Mudharabah I Phase II Year 2020 Series B IDR103.0 bn 2023-07-08 idAAA(sy) 10-Feb-21
Shelf Registration Sukuk Mudharabah I Phase II Year 2020 Series C IDR80.5 bn 2025-07-08 idAAA(sy) 10-Feb-21
Shelf Registration Bond IV Phase III Year 2020 Series A IDR1,295.0 bn 2021-10-02 idAAA 10-Feb-21
Shelf Registration Bond IV Phase III Year 2020 Series B IDR1,125.0 bn 2023-09-22 idAAA 10-Feb-21
Shelf Registration Sukuk Mudharabah I Phase III Year 2020 Series A IDR704.0 bn 2021-10-02 idAAA(sy) 10-Feb-21
Shelf Registration Sukuk Mudharabah I Phase III Year 2020 Series B IDR131.0 bn 2023-09-22 idAAA(sy) 10-Feb-21

Permodalan Nasional Madani (Persero) idA+/Stable 10-Feb-21

Shelf Registration Bond I Phase II Year 2016 Series B IDR839.0 bn 2021-11-03 idA+ 10-Feb-21
Shelf Registration Bond II Phase I Year 2017 Series B IDR750.0 bn 2022-07-12 idA+ 10-Feb-21
MTN XVII Year 2018 IDR500.0 bn 2021-03-15 idA+ 10-Feb-21
Shelf Registration Bond II Phase II Year 2018 Series A IDR1,254.0 bn 2021-04-13 idA+ 10-Feb-21
Shelf Registration Bond II Phase II Year 2018 Series B IDR1,246.0 bn 2023-04-13 idA+ 10-Feb-21
MTN XIX Year 2018 Series A IDR70.0 bn 2021-12-28 idA+ 10-Feb-21
MTN XIX Year 2018 Series B IDR105.0 bn 2021-12-28 idA+ 10-Feb-21
MTN XIX Year 2018 Series C IDR105.0 bn 2021-12-28 idA+ 10-Feb-21
MTN XIX Year 2018 Series D IDR142.5 bn 2021-12-28 idA+ 10-Feb-21
MTN XIX Year 2018 Series E IDR201.0 bn 2021-12-28 idA+ 10-Feb-21
Sukuk Mudharabah II Year 2018 Series A IDR60.0 bn 2022-02-26 idA+(sy) 10-Feb-21
Sukuk Mudharabah II Year 2018 Series B IDR240.0 bn 2022-02-26 idA+(sy) 10-Feb-21
Shelf Registration Bond III Phase I Year 2019 Series A IDR1,401.0 bn 2022-05-28 idA+ 10-Feb-21
Shelf Registration Bond III Phase I Year 2019 Series B IDR599.0 bn 2024-05-28 idA+ 10-Feb-21
Sukuk Mudharabah III Phase I Year 2019 IDR300.0 bn 2024-06-18 idA+(sy) 10-Feb-21
Sukuk Mudharabah III Year 2019 Series A IDR435.0 bn 2021-09-24 idA+(sy) 10-Feb-21
Sukuk Mudharabah III Year 2019 Series B IDR65.0 bn 2022-10-30 idA+(sy) 10-Feb-21
Sukuk Mudharabah III Year 2019 Series C IDR322.0 bn 2023-02-20 idA+(sy) 10-Feb-21
Sukuk Mudharabah III Year 2019 Series D IDR350.0 bn 2021-09-24 idA+(sy) 10-Feb-21
Sukuk Mudharabah III Year 2019 Series E IDR100.0 bn 2022-10-30 idA+(sy) 10-Feb-21
Sukuk Mudharabah III Year 2019 Series F IDR120.0 bn 2023-02-20 idA+(sy) 10-Feb-21
Sukuk Mudharabah III Year 2019 Series H IDR50.0 bn 2023-12-15 idA+(sy) 10-Feb-21
Shelf Registration Bond III Phase II Year 2019 Series A IDR586.5 bn 2022-11-28 idA+ 10-Feb-21
Shelf Registration Bond III Phase II Year 2019 Series B IDR763.5 bn 2024-11-28 idA+ 10-Feb-21
Sukuk Mudharabah III Phase II Year 2019 Series E IDR50.0 bn 2022-10-30 idA+(sy) 10-Feb-21
Shelf Registration Bond III Phase III Year 2020 Series A IDR55.1 bn 2023-04-30 idA+ 10-Feb-21
Shelf Registration Bond III Phase III Year 2020 Series B IDR194.9 bn 2025-04-30 idA+ 10-Feb-21
Shelf Registration Bond III Phase IV Year 2020 Series A IDR904.8 bn 2021-12-14 idA+ 10-Feb-21
Shelf Registration Bond III Phase IV Year 2020 Series B IDR537.0 bn 2023-12-04 idA+ 10-Feb-21
Shelf Registration Bond III Phase IV Year 2020 Series C IDR292.0 bn 2025-12-04 idA+ 10-Feb-21
Sukuk Mudharabah IV Phase I Year 2020 Series A IDR200.0 bn 2023-10-27 idA+(sy) 10-Feb-21
Sukuk Mudharabah IV Year 2020 Series A IDR712.0 bn 2024-01-19 idA+(sy) 10-Feb-21

Bank Mandiri (Persero) Tbk. idAAA/Stable 10-Feb-21

Shelf Registration Bond I Phase I Year 2016 Series A IDR1,100.0 bn 2021-09-30 idAAA 10-Feb-21
Shelf Registration Bond I Phase I Year 2016 Series B IDR1,500.0 bn 2023-09-30 idAAA 10-Feb-21
Shelf Registration Bond I Phase I Year 2016 Series C IDR2,400.0 bn 2026-09-30 idAAA 10-Feb-21
Shelf Registration Bond I Phase II Year 2017 Series A IDR1,000.0 bn 2022-06-15 idAAA 10-Feb-21
Shelf Registration Bond I Phase II Year 2017 Series B IDR3,000.0 bn 2024-06-15 idAAA 10-Feb-21
Shelf Registration Bond I Phase II Year 2017 Series C IDR1,000.0 bn 2027-06-15 idAAA 10-Feb-21
Subordinated MTN I Year 2018 IDR500.0 bn 2023-07-31 idAA 10-Feb-21
Shelf Registration Bond I Phase III Year 2018 IDR3,000.0 bn 2023-09-21 idAAA 10-Feb-21
Shelf Registration Bond II Phase I Year 2020 Series A IDR350.0 bn 2025-05-12 idAAA 10-Feb-21
Shelf Registration Bond II Phase I Year 2020 Series B IDR650.0 bn 2027-05-12 idAAA 10-Feb-21

Integra Indocabinet Tbk. idA-/Stable 9-Feb-21

Shelf Registration Bond I Year 2021 (Proposed New) IDR700.0 bn idA- 9-Feb-21
Shelf Registration Sukuk Mudharabah I Year 2021 (Proposed New) IDR300.0 bn idA- 9-Feb-21

Trimegah Sekuritas Indonesia Tbk. idA/Negative 9-Feb-21

MTN I Year 2018 IDR250.0 bn 2021-04-25 idA 9-Feb-21

Astra Sedaya Finance idAAA/Stable 8-Feb-21

Shelf Registration Bond IV Phase I Year 2018 Series B IDR550.0 bn 2021-05-25 idAAA 8-Feb-21
Shelf Registration Sukuk Mudharabah I Phase I Year 2018 Series B IDR175.0 bn 2021-05-25 idAAA(sy) 8-Feb-21
Shelf Registration Bond IV Phase IV Year 2020 Series A IDR882.0 bn 2021-04-07 idAAA 8-Feb-21

Clipan Finance Indonesia Tbk. idAA-/Stable 3-Feb-21

MTN III Year 2018 IDR1,000.0 bn 2021-03-21 idAA- 3-Feb-21
MTN IV Year 2018 IDR1,000.0 bn 2021-03-28 idAA- 3-Feb-21

Perkebunan Nusantara X idBBB+/Negative 3-Feb-21

MTN Year 2018 IDR500.0 bn 2021-05-25 idBBB+ 3-Feb-21

Asuransi Sinar Mas idAA+/Stable 3-Feb-21

EBA-SP SMF-BTN04
EBA-SP SMF-BTN04 Class A Series A2 IDR888.0 bn 2029-05-07 idAAA(sf) 3-Feb-21