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20250912_KETR_Laporan Hasil Pemeringkatan_31939839_lamp1.pdf
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Rating Summary
September 11, 2025
PT Ketrosden Triasmitra Tbk
Credit Rating PEFINDO has affirmed its rating for PT Ketrosden Triasmitra Tbk (Triasmitra)’s Bond
Bond I/2020 idAAA(cg) I/2020 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 the principal and interest payments when they become due.
Rating Period
September 9, 2025 – September 1, 2026 The instrument rating may be lowered if the guarantor’s rating is downgraded or there
is any violation to the guarantee agreement that leads to the guarantee termination.
Published Rating History
Triasmitra is a telecommunications network infrastructure provider with two
SEP 2024 idAAA(cg)
subsidiaries: PT Jejaring Mitra Persada, offering developer services for fiber optic cable
SEP 2023 idAAA(cg)
systems, and PT Triasmitra Multiniaga Internasional, offering managed services,
SEP 2022 idAAA(cg)
marine and inland patrol, and colocation and data centers. As the parent company,
SEP 2021 idAAA(cg)
Triasmitra offers contractor services for inland and submarine network infrastructure.
SEP 2020 idAAA(cg)
As of June 30, 2025, its shareholders were PT Fajar Sejahtera Mandiri Nusantara
(56.53%), PT Gema Lintas Benua (27.26%), PT Bahtera Bintang Nusantara (4.91%),
Petrus Sartono (1.00%), and the public (10.30%). The Company’s ultimate owner is Mr.
Joy Wahjudi.
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-2025 Dec-2024 Dec-2023 Dec-2022
meet its long-term financial commitments on the (Audited) (Audited) (Audited) (Audited)
debt security, relative to other Indonesian obligors, Total adjusted assets [IDR bn] 2,100.3 2,070.8 2,174.8 1,605.0
is superior. The suffix (cg) indicates that the rating Total adjusted debt [IDR bn] 738.0 800.9 1,100.1 591.5
incorporates security in the form of a corporate Total adjusted equity [IDR bn] 1,156.4 1,028.9 942.2 865.1
guarantee. Total sales [IDR bn] 517.4 556.4 390.5 353.1
EBITDA [IDR bn] 191.9 206.9 170.9 140.7
Net income after MI [IDR bn] 127.5 84.9 77.5 67.6
EBITDA margin [%] 37.1 37.2 43.8 39.8
Adjusted debt/EBITDA [X] *1.9 3.9 6.4 4.2
Adjusted debt/adjusted equity [X] 0.6 0.8 1.2 0.7
FFO/adjusted debt [%] *39.2 15.5 10.4 14.8
EBITDA/IFCCI [X] 5.8 3.1 3.2 3.0
USD exchange rate [USD/IDR] 16,233 16,162 15,416 15,731
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
Contact Analysts: EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
ayuningtyas.nur@pefindo.co.id
MI= Minority Interest *annualized
adib.yasa@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 September 2025
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Rating Summary
September 11, 2025
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 September 2025
Names mentioned 10 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Triasmitra Multiniaga Internasional
p.1
unresolved
person
Joy Wahjudi. As
p.1 ×2
unresolved
org
PT Pemeringkat Efek Indonesia
p.2
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