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20230912_KETR_Laporan Hasil Pemeringkatan_31409698_lamp1.pdf
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Rating Summary
September 11, 2023
PT Ketrosden Triasmitra Tbk
Credit Rating(s) PEFINDO has affirmed its rating for PT Ketrosden Triasmitra Tbk (KETR)’s Bond I/2020
Bond I/2020 idAAA(cg) at idAAA(cg). The instrument rating is based on a full, unconditional and irrevocable
guarantee from Credit Guarantee and Investment Facility (CGIF, idAAA/stable) to cover
Rating Period the principal and interest payments when they become due.
September 7, 2023 – September 1, 2024
The instrument rating may be lowered if the guarantor’s rating is downgraded or there
Published Rating History is any violation to the guarantee agreement that leads to the termination of the
SEP 2022 idAAA(cg) guarantee.
SEP 2021 idAAA(cg)
SEP 2020 idAAA(cg)
KETR is a telecommunications network infrastructure provider. It has two subsidiaries,
PT Jejaring Mitra Persada offering developer services for fiber-optic cable systems,
and PT Triasmitra Multiniaga Internasional offering managed services, marine and
inland patrol, and colocation and data centers. As the parent company, KETR offers
contractor services for inland and submarine network infrastructure. As of June 30,
2023, its shareholders were PT Gema Lintas Benua (26.93%), Petrus Sartono (1.54%),
PT Fajar Sejahtera Mandiri Nusantara (56.53%), and the public (15.00%). Its ultimate
owner is Mr. Galumbang Menak, also the shareholder of PT Mora Telematika
Indonesia Tbk (MORA, idA+/stable).
As a guarantor, CGIF was established in November 2010 as a key component of the
Asian Bond Market Initiative (ABMI) to promote economic development and financial
stability by developing local currency regional bond markets in the ASEAN region.
This mandate was extended by the contributing members, consisting of ASEAN+3
governments (China, Japan, and the Republic of Korea) and the Asian Development
Bank (ADB). It was established as a trust fund of the ADB (rated AAA/stable by
Standard and Poor’s), meaning that although it is operationally and financially
separate from ADB, it is not a separate legal entity.
Rating Definition Financial Highlights
A debt security rated idAAA has the highest rating
assigned by PEFINDO. The obligor’s capacity to As of/for the year ended Jun-2023 Dec-2022 Dec-2021 Dec-2020
meet its long-term financial commitments on the (Unaudited) (Audited) (Audited) (Audited)
debt security, relative to other Indonesian obligors, Total adjusted assets [IDR bn] 1,676.4 1,605.0 1,385.8 1,004.0
is superior. The suffix (cg) indicates that the rating Total adjusted debt [IDR bn] 612.9 591.5 584.3 298.6
incorporates security in the form of a corporate Total adjusted equity [IDR bn] 902.3 865.1 669.9 554.7
guarantee. Total sales [IDR bn] 197.1 353.1 448.9 297.3
EBITDA [IDR bn] 76.7 140.7 204.7 117.9
Net income after MI [IDR bn] 37.2 67.6 114.7 68.7
EBITDA margin [%] 38.9 39.8 45.6 39.7
Adjusted debt/EBITDA [X] *4.0 4.2 2.9 2.5
Adjusted debt/adjusted equity [X] 0.7 0.7 0.9 0.5
FFO/adjusted debt [%] *17.4 14.8 26.0 28.5
EBITDA/IFCCI [X] 3.1 3.0 3.9 5.3
USD exchange rate [IDR/USD] 15,026 15,731 14,269 14,105
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
Contact Analysts:
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
martin.pandiangan@pefindo.co.id MI= Minority Interest *annualized
ayuningtyas.nur@pefindo.co.id
The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 1/4 September 2023
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Ikhtisar Peringkat
11 September 2023
PT Ketrosden Triasmitra Tbk
Credit Rating(s) PEFINDO menegaskan peringkat Obligasi PT Ketrosden Triasmitra di idAAA(cg).
Bond I/2020 idAAA(cg) Peringkat instrumen mencerminkan penanggungan penuh untuk menanggung
pembayaran pokok dan kupon pada saat jatuh tempo dari Credit Guarantee and
Rating Period Investment Facility (CGIF, idAAA/stable) yang bersifat tanpa syarat dan tidak dapat
September 7, 2023 – September 1, 2024 ditarik kembali.
Peringkat instrumen dapat diturunkan jika peringkat penanggung diturunkan, atau
Published Rating History terdapat pelanggaran terhadap perjanjian penanggungan yang berpotensi pada
SEP 2022 idAAA(cg)
pengakhiran penanggungan.
SEP 2021 idAAA(cg)
SEP 2020 idAAA(cg) KETR merupakan perusahaan penyedia infrastruktur jaringan telekomunikasi. KETR
memiliki dua entitas anak, PT Jejaring Mitra Persada yang memberikan jasa
pengembang (developer) untuk sistem kabel serat optik, dan PT Triasmitra Multiniaga
Internasional yang memberikan layanan pemeliharaan, patroli laut dan darat, serta
pusat data dan kolokasi. Sebagai induk perusahaan, KETR memberikan layanan
kontraktor untuk infrastruktur jaringan darat dan laut. Per 30 Juni 2023, pemegang
saham KETR adalah PT Gema Lintas Benua (26,93%), Petrus Sartono (1,54%), dan PT
Fajar Sejahtera Mandiri Nusantara (56,53%), dan publik (15,00%). Pemegang saham
akhir KETR adalah Bapak Galumbang Menak, yang juga merupakan pemegang saham
PT Mora Telematika Indonesia (MORA, idA+/stabil).
Sebagai penanggung, CGIF didirikan pada bulan November 2010 sebagai bagian
utama dari Asian Bond Market Initiative (ABMI), untuk mempromosikan
perkembangan ekonomi dan stabilitas keuangan melalui perkembangan pasar
obligasi domestik di kawasan ASEAN. Mandat ini diberikan oleh negara anggota yang
terdiri dari negara-negara dalam ASEAN + 3 negara (Republik Rakyat Tiongkok,
Jepang, dan Republik Korea) dan Asian Development Bank (ADB). CGIF didirikan
sebagai trust fund dari ADB (peringkat AAA/stabil dari Standard and Poor’s), yang
memiliki arti bahwa walaupun secara operasional dan keuangan terpisah dari ADB,
namun secara hukum bukan merupakan badan hukum yang terpisah.
Rating Definition
Efek utang dengan peringkat idAAA merupakan Financial Highlights
peringkat tertinggi yang diberikan oleh PEFINDO.
Kemampuan emiten untuk memenuhi kewajiban As of/for the year ended Jun-2023 Dec-2022 Dec-2021 Dec-2020
keuangan jangka panjang atas efek utang tersebut (Unaudited) (Audited) (Audited) (Audited)
dibandingkan emiten Indonesia lainnya adalah Total adjusted assets [IDR bn] 1,676.4 1,605.0 1,385.8 1,004.0
superior. Akhiran (cg) berarti peringkat Total adjusted debt [IDR bn] 612.9 591.5 584.3 298.6
mempertimbangkan keamanan dalam bentuk Total adjusted equity [IDR bn] 902.3 865.1 669.9 554.7
penjaminan dari pihak ketiga. Total sales [IDR bn] 197.1 353.1 448.9 297.3
EBITDA [IDR bn] 76.7 140.7 204.7 117.9
Net income after MI [IDR bn] 37.2 67.6 114.7 68.7
EBITDA margin [%] 38.9 39.8 45.6 39.7
Adjusted debt/EBITDA [X] *4.0 4.2 2.9 2.5
Adjusted debt/adjusted equity [X] 0.7 0.7 0.9 0.5
FFO/adjusted debt [%] *17.4 14.8 26.0 28.5
EBITDA/IFCCI [X] 3.1 3.0 3.9 5.3
USD exchange rate [IDR/USD] 15,026 15,731 14,269 14,105
Contact Analysts:
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
martin.pandiangan@pefindo.co.id EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
ayuningtyas.nur@pefindo.co.id IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest *annualized
The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
http://www.pefindo.com been reclassified according to PEFINDO’s
3/4 definitions. September 2023
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