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20260805_MGIA01_Laporan Hasil Pemeringkatan_32117862_lamp1.pdf
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Press Release
KREDIT RATING INDONESIA July 30, 2026
KIK-EBA MANDIRI GIAA01
Company Rating - “Debt Securities with irBBB rating has an
adequate level of certainty to honor its financial
Rated Issue obligations. However, this certainty is more likely
to diminish in the future than with the higher
EBA – Class A irBBB+(sf) rating categories."
Rating Period The plus sign (+) indicates that the rating given
is closer to the rating scale above it.
July 30, 2026 – August 1, 2027
(sf) means rating to structured finance.
Rating History
July 2025 irBBB+(sf)
July 2024 irBBB+(sf)
August 2023 irBBB(sf)
July 2022 irBBB-(sf)(cg)
June 2022 irCCC(sf)(cg)/CreditWatch Positive
June 2021 irCCC(sf)(cg)/CreditWatch
May 2021 irBBB-
EBA – Class A: Instrument Profile (After Restructuration)
Total outstanding as of June 30, 2026 IDR 812,325,000,000.00
Issuer PT Mandiri Manajemen Investasi (“MMI”)
Originator PT Garuda Indonesia (Persero) Tbk (“GIAA”)
Collection agent/servicer GIAA
Custodian bank/trustee PT Bank Maybank Indonesia Tbk (“BNII”)
Collateral Rights for GIAA’s Middle-East routes ticket sales
Tenor 15 years (expected last payment in 2032)
Installments Step-up installments started from 2024
Number of installments per year Twice a year
Credit enhancement -
Kredit Rating Indonesia affirms “irBBB+(sf)” rating to KIK-EBA Mandiri GIAA01
PT Kredit Rating Indonesia (“KRI”) affirms “irBBB+(sf)” rating to KIK-EBA Mandiri GIAA01. The outlook
of the rating is Stable. The rating still reflects a steady improvement on GIAA Middle-East Route
(Jakarta-Jeddah- Medina) since Saudi Arabia lifted entry restrictions in late 2021.
GIAA’s Middle East route shows stable performance, generating USD 180 million – USD 220 million
per year. As the underlying driver for KIK-EBA Mandiri GIAA01 installment payments, it transported
500,000+ passengers in FY25 and 186,782 pilgrims in 3M2026. Consequently, revenue comfortably
met the FY25 annual installment of IDR 61.8 billion, while 3M2026 revenue (~IDR 1.3 trillion) has
already cleared the full FY26 requirement of IDR 135.9 billion.
Although KIK-EBA Mandiri GIAA01 is no longer backed by PT Asuransi Kredit Indonesia, repayment
capacity remains strong. Revenue from the Middle East route comfortably covers installment obligations
for these asset-backed securities.
KIK-EBA Mandiri GIAA01 is an asset-backed securities established by MMI as the investment manager
and BNII as the custodian bank in 2018.
Analysts : Cut Nabila Saraziva (cut.nabila@kreditratingindonesia.com)
Samuel Aditya Pangestu Sitorus (samuel.sitorus@kreditratingindonesia.com)
KIK-EBA MANDIRI GIAA01 Page 1
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Press Release KREDIT RATING INDONESIA July 30, 2026 DISCLAIMER PT Kredit Rating Indonesia (KRI) does not represent or warrant or guarantee the accuracy, completeness, timeliness or availability of the contents of this report or publication. KRI does not perform an audit and does not undertake due diligence or independent verification of any information used as the basis of and presented in this report or publication. Although the information upon which KRI rating report are based, and any other contents provide in this rating report is obtained by KRI from sources which KRI believers to be reliable. KRI will be held harmless against any responsibility arising from its use, its partial use, or its lack of use, in combination with other products or used solely, nor can it be held responsible for the result of its use or lack of its use in any investment or other kind of financial decision making on which this report or publication is based. The issuance of a solicited or unsolicited rating report does not supply financial, legal, tax or investment consultancy. The rating report is not an opinion as to the value of securities, therefore KRI is not responsible for any credit, loan or investment decision, damages or other losses resulting from the reliance upon or use of this report. In no event shall KRI be held liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity costs in connection with any use of the contents of this rating report or publication. Credit analyses, including ratings, and statements in this report or publication are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment decision. Therefore, this report may not reflect any event or circumstances which occur after the date of this report. KRI also assumes no obligation to update the content following publication in any form. KRI does not act as fiduciary or an investment advisor. KRI keeps the activities of its analytical units separate from its business units to preserve independence and objectivity of its analytical process and products. As a result, certain units of KRI may have information that is not available to other units. KRI has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. KRI may receive compensation for its ratings and other analytical work, normally from issuers of securities. KRI reserves the right to disseminate its opinions and analyses. KRI’s public ratings and analyses are made available on its website, http://www.kreditratingindonesia.com (free of charge) and through other subscription based services, and may be distributed through other means, including via KRI publications and third party redistributors. Information in KRI’s website and its use fall under the restrictions and disclaimer stated above. No part of KRI’s website, the content of this report, may be reproduced or transmitted by any means, electronic or non-electronic whether in full or in part, will be subjected to written approval from KRI. KIK-EBA MANDIRI GIAA01 Page 2
Names mentioned 3 people and organisations named in the text · linked when the evidence is strong
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PT Mandiri Manajemen Investasi
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