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20250909_MGIA01_Laporan Hasil Pemeringkatan_31938768_lamp1.pdf
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Press Release
KREDIT RATING INDONESIA July 30, 2025
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 rating
EBA Class A irBBB+(sf) categories."
The plus sign (+) indicates that the rating given is
closer to the rating scale above it.
(sf) means rating to structured finance.
Rating Period
July 30, 2025 August 1, 2026
Rating History
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 March 31, 2025 IDR 877,825,000,000.00
Issuer PT Mandiri Manajemen Investasi
Originator PT Garuda Indonesia (Persero) Tbk
Collection agent/servicer GIAA
Custodian bank/trustee
Collateral Rights for -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
Kredit Rating Indonesia ( KRI ) affirms irBBB+(sf) rating to KIK-EBA Mandiri GIAA01. The rating still
reflects a steady Indonesia's Hajj and Umrah travel industry performance since Saudi Arabia lifted entry
restrictions in late 2021. GIAA's revenue from the Middle-East routes ticket sales (Indonesia to Jeddah
and Madinah) has been in steady performance. Securing around USD 208 million USD 220 million
per year from these routes and annually transporting more than 410,000 passengers, provided an
annual revenue that comfortably cover the total annual installment in 2024 and 2025 of IDR 49.4 billion
and IDR 61.8 billion, respectively. Additionally, GIAA has received around IDR 45 billion in accumulated
premiums from PT Asuransi Kredit Indonesia (Askrindo) due to the termination of their insurance
contract. These funds are expected to fulfill the first and second installment obligations for 2024.
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)
Rizki Fajri Nursahadi (rizki.fajri@kreditratingindonesia.com)
KIK-EBA MANDIRI GIAA01 Page 1
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Press Release
KREDIT RATING INDONESIA July 30, 2025
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
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made
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and may be distributed through other means, including via KRI publications and third party redistributors. Information in KRI
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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 2 people and organisations named in the text · linked when the evidence is strong
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PT Mandiri Manajemen Investasi Originator
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