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20231115_JSMR_Laporan Hasil Pemeringkatan_31519469_lamp1.pdf
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Rating Summary
November 14, 2023
PT Jasa Marga (Persero) Tbk
Credit Ratings PEFINDO has affirmed the rating of PT Jasa Marga (Persero) Tbk (JSMR) and its Shelf
General Obligation (GO) idAA/Stable Registered Bond II at idAA. Outlook for the corporate rating is stable. The rating
SR Bond II idAA reflects our expectation of strong government support, JSMR’s dominant position in
the toll road sector, a diversified toll road portfolio with a long concession period, and
Rating Period very strong financial flexibility. The rating is constrained by business risks related to
November 10, 2023 – November 1, 2024 the development of new toll roads and its high leverage.
We may raise the rating if JSMR could strengthen its business profile substantially by
Published Rating History
successfully developing and operating new toll roads with strong traffic volume which
NOV 2022 idAA/Stable
supports the improvement in its financial profile, with lower leverage and stronger
MAY 2022 idAA-/Positive
cash flow coverages. We may lower the rating if government support weakens or its
MAY 2021 idAA-/Stable
financial profile deteriorates because of a severe drop in revenue due to a decline in
MAY 2020 idAA-/Stable
traffic volume or if it incurs higher debt than projected without being compensated
JAN 2020 idAA/Stable
by favorable growth prospects.
JUN 2019 idAA/Stable
JUN 2018 idAA/Stable JSMR is the largest toll road operator in Indonesia. Its portfolio includes 13 old toll
JUN 2017 idAA/Stable road concessions at the parent company, 17 operated toll roads at subsidiaries, and
JUN 2016 idAA/Negative 5 toll roads under construction. As of September 30, 2023, its shareholders were the
JUN 2015 idAA/Negative Indonesian government (70%), BPJS Ketenagakerjaan (3.4%), BNYM RE BNYMLB RE
2010-2014 idAA/Stable Employee ProvidentFD (2.4%), PT Taspen (2.2%), and the public (22%).
Financial Highlights
Rating Definition
As of/for the year ended Jun-2023 Dec-2022 Dec-2021 Dec-2020
A debt security rated idAA differs from the highest
(Unaudited) (Audited) (Audited) (Audited)
rated debt only to a small degree. The obligor’s
capacity to meet its long-term financial commitments Total adjusted assets [IDR bn] 92,321.7 91,097.3 101,201.0 104,044.8
on the debt security, relative to other Indonesian Total adjusted debt [IDR bn] 52,801.7 52,915.3 63,445.7 65,668.5
obligors, is very strong. Total adjusted equity [IDR bn] 26,085.1 25,579.5 25,458.5 24,733.8
Total sales [IDR bn] 6,993.0 13,809.7 11,807.7 9,629.5
EBITDA [IDR bn] 4,143.1 8,680.0 7,675.5 5,984.5
Net income after MI [IDR bn] 1,148.7 2,746.9 1,615.3 501.0
EBITDA margin [%] 59.2 62.9 65.0 62.1
Adjusted debt/EBITDA [X] *6.4 6.1 8.3 11.0
Adjusted debt/adjusted equity [X] 2.0 2.1 2.5 2.7
FFO/adjusted debt [%] *8.7 6.3 3.5 1.6
EBITDA/IFCCI [X] 2.6 2.1 1.5 1.2
USD exchange rate [USD/IDR] 15,026 15,731 14,269 14,105
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
Contact Analysts: MI= Minority Interest *annualized
yogie.perdana@pefindo.co.id The above ratios have been computed based on information from the company and published accounts. Where applicable, some items
resnanda.dahono@pefindo.co.id have been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 1/4 November 2023
Page 2
Rating Summary
November 14, 2023
DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.
http://www.pefindo.com 2/4 November 2023
Page 3
Ikhtisar Peringkat
14 November 2023
PT Jasa Marga (Persero) Tbk
Credit Ratings PEFINDO mengafirmasi peringkat PT Jasa Marga (Persero) Tbk (JSMR) dan Obligasi
General Obligation (GO) idAA/Stable Berkelanjutan II di idAA. Prospek peringkat Perusahaan adalah stabil. Peringkat
SR Bond II idAA tersebut mencerminkan ekspektasi kami terhadap dukungan yang kuat dari
pemerintah, posisi JSMR yang dominan di sektor jalan tol, portofolio jalan tol yang
Rating Period terdiversifikasi dengan masa konsesi yang panjang, dan fleksibilitas keuangan yang
November 10, 2023 – November 1, 2024 sangat kuat. Peringkat tersebut dibatasi oleh risiko bisnis terkait pengembangan jalan
tol baru dan leverage yang tinggi.
Published Rating History
NOV 2022 idAA/Stable
Kami dapat menaikkan peringkat jika JSMR dapat memperkuat profil bisnisnya secara
MAY 2022 idAA-/Positive
substansial melalui keberhasilan dalam mengembangkan dan mengoperasikan jalan
MAY 2021 idAA-/Stable
tol baru dengan volume lalu lintas yang kuat yang mendukung perbaikan profil
MAY 2020 idAA-/Stable
keuangannya, dengan leverage yang lebih rendah dan cakupan arus kas yang lebih
JAN 2020 idAA/Stable
kuat. Kami dapat menurunkan peringkat jika dukungan pemerintah melemah atau
JUN 2019 idAA/Stable
profil keuangannya memburuk karena turunnya pendapatan akibat penurunan
JUN 2018 idAA/Stable
volume lalu lintas atau jika Perusahaan menambah utang lebih tinggi dari yang
JUN 2017 idAA/Stable
diproyeksikan tanpa dikompensasi oleh prospek pertumbuhan yang baik.
JUN 2016 idAA/Negative JSMR adalah operator jalan tol terbesar di Indonesia. Portofolio tol Perusahaan
JUN 2015 idAA/Negative
termasuk 13 konsesi jalan tol di induk perusahaan, 17 ruas tol beroperasi di entitas
2010-2014 idAA/Stable
anak, dan 5 ruas tol dalam konstruksi. Pada tanggal 30 September 2023, pemegang
saham Perusahaan terdiri dari Pemerintah Indonesia (70%), BPJS Ketenagakerjaan
(3,4%), BNYM RE BNYMLB RE Employees ProvidentFD (2,4%), PT Taspen (Persero)
(2,2%), serta masyarakat (22%).
Rating Definition Financial Highlights
Efek utang dengan peringkat idAA memiliki sedikit As of/for the year ended Jun-2023 Dec-2022 Dec-2021 Dec-2020
perbedaan dengan peringkat tertinggi yang
(Unaudited) (Audited) (Audited) (Audited)
diberikan, dan kemampuan Obligor untuk memenuhi
Total adjusted assets [IDR bn] 92,321.7 91,097.3 101,201.0 104,044.8
komitmen keuangan jangka panjang atas efek utang
tersebut, dibandingkan dengan Obligor lainnya di Total adjusted debt [IDR bn] 52,801.7 52,915.3 63,445.7 65,668.5
Indonesia, adalah sangat kuat. Total adjusted equity [IDR bn] 26,085.1 25,579.5 25,458.5 24,733.8
Total sales [IDR bn] 6,993.0 13,809.7 11,807.7 9,629.5
EBITDA [IDR bn] 4,143.1 8,680.0 7,675.5 5,984.5
Net income after MI [IDR bn] 1,148.7 2,746.9 1,615.3 501.0
EBITDA margin [%] 59.2 62.9 65.0 62.1
Adjusted debt/EBITDA [X] *6.4 6.1 8.3 11.0
Adjusted debt/adjusted equity [X] 2.0 2.1 2.5 2.7
FFO/adjusted debt [%] *8.7 6.3 3.5 1.6
EBITDA/IFCCI [X] 2.6 2.1 1.5 1.2
USD exchange rate [USD/IDR] 15,026 15,731 14,269 14,105
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest *annualized
Contact Analysts:
yogie.perdana@pefindo.co.id The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
resnanda.dahono@pefindo.co.id been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 3/4 November 2023
Page 4
Ikhtisar Peringkat
14 November 2023
DISCLAIMER
Peringkat yang dimuat dalam laporan atau publikasi ini adalah pendapat PT Pemeringkat Efek Indonesia (PEFINDO) yang diberikan berdasarkan hasil
pemeringkatan pada saat tanggal dibuatnya peringkat. Peringkat merupakan opini ke depan mengenai kemampuan pihak yang diperingkat dalam memenuhi
kewajiban finansialnya secara penuh dan tepat waktu, berdasarkan asumsi yang dibuat saat pemberian peringkat. Peringkat bukan merupakan rekomendasi bagi
pemodal untuk mengambil keputusan investasi (baik keputusan untuk membeli, menjual, atau menahan efek utang apapun yang diterbitkan berdasarkan atau
berhubungan dengan peringkat atau keputusan investasi lainnya) dan/atau opini atas nilai kewajaran efek utang dan/atau nilai entitas yang diberikan peringkat
oleh PEFINDO. Semua data dan informasi yang diperlukan dalam proses pemeringkatan diperoleh dari pihak yang meminta pemeringkatan yang dianggap dapat
dipercaya keakuratan dan kebenarannya dan dari sumber lain yang dianggap dapat diandalkan. PEFINDO tidak melakukan audit, uji tuntas, atau verifikasi secara
independen dari setiap informasi dan data yang diterima dan digunakan sebagai dasar dalam proses pemeringkatan. PEFINDO tidak bertanggung jawab atas
kebenaran, kelengkapan, ketepatan waktu, dan keakuratan informasi dan data yang dimaksud. Keakuratan dan kebenaran informasi dan data menjadi tanggung
jawab sepenuhnya dari pihak yang memberikan informasi dan data yang dimaksud. PEFINDO dan setiap anggota Direksi, Komisaris, Pemegang Saham, serta
Karyawannya tidak bertanggung jawab kepada pihak manapun atas segala kerugian, biaya-biaya dan pengeluaran yang diderita atau timbul sebagai akibat
penggunaan isi dan/atau informasi dalam laporan atau publikasi ini, baik secara langsung maupun tidak langsung. PEFINDO menerima imbalan untuk jasa
pemeringkatan umumnya dari pihak yang meminta dilakukannya jasa pemeringkatan, dan PEFINDO sudah menginformasikan biaya pemeringkatan sebelum
penetapan peringkat. PEFINDO memiliki komitmen dalam bentuk kebijakan dan prosedur untuk menjaga obyektivitas, integritas, dan independensi dalam proses
pemeringkatan. PEFINDO juga memiliki code of conduct untuk menghindari benturan kepentingan dalam proses pemeringkatan. Peringkat bisa berubah di masa
depan karena peristiwa yang belum diantisipasi sebelumnya pada saat peringkat diberikan pertama kali. PEFINDO berhak menarik peringkat jika data dan informasi
yang diterima tidak memadai dan/atau perusahaan yang diperingkat tidak memenuhi kewajibannya kepada PEFINDO. Atas peringkat yang sudah mendapat
persetujuan publikasi dari pihak yang diperingkat, PEFINDO berhak untuk mempublikasi peringkat dan analisisnya dalam laporan atau publikasi ini serta
mempublikasikan hasil kaji ulang terhadap peringkat yang telah dipublikasikan, baik secara berkala maupun secara khusus dalam hal terdapat fakta material atau
kejadian penting yang dapat mempengaruhi hasil pemeringkatan sebelumnya. Reproduksi isi publikasi ini, secara penuh atau sebagian, harus mendapat
persetujuan tertulis dari PEFINDO. PEFINDO tidak bertanggung jawab atas publikasi yang dilakukan oleh pihak lain terkait peringkat yang diberikan oleh PEFINDO.
http://www.pefindo.com 4/4 November 2023
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