20260720_PPGD_Laporan Hasil Pemeringkatan_32113537_lamp2.pdf

7/16/26, 1:22 PM                                          Fitch Publishes Pegadaian's Bond and Sukuk Ratings of 'AAA(idn)'

 - Series B: IDR182,520 million 7.55% three-year bonds due July 2029


 Second social sukuk mudharabah programme of up to IDR3 trillion and the first issuances
 under the programme consisting of:


 - Series A: IDR298,495 million 370 days sukuk mudharabah with indicative profit-sharing
 return equivalent to 7.50% due July 2027


 - Series B: IDR201,505 million three-year sukuk mudharabah with indicative profit-sharing
 return equivalent to 7.55% due July 2029


 The bonds and sukuk will be used for working capital needs, while the social bonds and
 social sukuk mudharabah will be used for working capital needs under a sustainable
 financing framework.


 'AAA' National Long-Term Ratings denote the highest rating assigned by the agency in its
 National Rating scale for that country. This rating is assigned to issuers or obligations with
 the lowest expectation of default risk relative to all other issuers or obligations in the same
 country or monetary union.

 KEY RATING DRIVERS

 The ratings on the unsecured bonds are aligned with Pegadaian's National Long-Term
 Rating in accordance with our Non-Bank Financial Institutions Rating Criteria. The bonds,
 including social bonds, represent the issuer's direct and unconditional obligations and rank
 pari passu with all its other unsecured obligations.


 The ratings of the sukuk mudharabah, including social sukuk mudharabah, are also at the
 same level as Pegadaian's National Long-Term Rating. We have not considered any
 underlying assets when assigning the ratings, as we believe Pegadaian's ability to satisfy
 payments due on the sukuk will ultimately depend on it satisfying its unsecured payment
 obligations to the trustee under the transaction documents. We also believe Pegadaian
 would be required to ensure full and timely repayment due to its various roles and
 obligations under the sukuk structure and documentation, especially, but not limited, the
 following items:


 -Pegadaian is obliged to return the full sukuk fund to sukuk holders at 100% of the sukuk
 fund amount on the repayment date.



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 -At each payment date, Pegadaian is obliged to pay profit-sharing income to sukuk holders
 based on the nisbah applied to the distributable income. It is required to deposit sufficient
 funds with the designated payment agent account no later than one business day before
 each profit-sharing income and principal repayment date.


 -The company is obliged to provide compensation in the event of late payment, which
 includes the accrued and unpaid profit-sharing income. Failure to pay profit-sharing income
 or principal on the designated payment dates constitutes an event of default.


 -The rights of sukuk holders rank pari passu, without any preferential rights, with the rights
 of Pegadaian's other creditors, whether existing or in the future, except for the rights of
 creditors that are specifically secured by Pegadaian's assets, whether existing or acquired in
 the future.


 -If the sukuk ceases to comply with sharia requirements, it becomes a general unsecured
 debt obligation and Pegadaian must immediately settle all amounts due to sukuk holders.


 -The documentation contains financial covenants, cross-default terms and financial
 reporting obligations comparable to those of the bonds issued concurrently.


 The sukuk transaction is governed by Indonesian law. We do not express an opinion on
 whether the relevant transaction documents are enforceable under any applicable law.
 However, Fitch's rating reflects our belief that Pegadaian would stand behind its
 obligations.


 We do not express an opinion on the programme's compliance with sharia principles when
 assigning ratings to the programme and notes to be issued under it.


 Pegadaian's rating is driven by our expectation of extraordinary support, if required, from
 its parent, PT Bank Rakyat Indonesia (Persero) Tbk (BBB/Negative/AAA(idn)/Stable). For
 details see Fitch Assigns Pegadaian First-Time 'AAA(idn)' Rating; Outlook Stable, dated 17
 May 2026.

 RATING SENSITIVITIES

 Factors that Could, Individually or Collectively, Lead to Negative Rating
 Action/Downgrade

 A downgrade of Pegadaian's National Long-Term Rating would result in corresponding
 action on its unsecured bond and sukuk ratings.

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 The sukuk rating is also sensitive to any changes in Pegadaian's role and obligations under
 the sukuk structure and documents.

 Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

 The ratings have no upside, as they are at the highest point on the national scale.

 Date of Relevant Committee

 17 June 2026

 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
 RATING

 The principal sources of information used in the analysis are described in the Applicable
 Criteria.

 PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

 Pegadaian's rating is driven by our expectation of support from its parent.

                                                     RATING ACTIONS



      ENTITY / DEBT                              RATING TYPE               RATING                  RATING ACTION 



      PT Pegadaian (Persero)


          senior unsecured                        Natl LT                    AAA(idn)                 Publish


   VIEW ADDITIONAL RATING DETAILS


 FITCH RATINGS ANALYSTS

 Roy Purnomo
 Director
 Primary Rating Analyst
 +62 21 4000 0982
 roy.purnomo@fitchratings.com
 PT Fitch Ratings Indonesia
 DBS Bank Tower 24th Floor, Suite 2403 Jl. Prof.Dr. Satrio Kav 3-5 Jakarta 12940


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 Katie Chen
 Senior Director
 Committee Chairperson
 +886 2 8175 7614
 katie.chen@fitchratings.com

 MEDIA CONTACTS

 Leslie Tan
 Singapore
 +65 6796 7234
 leslie.tan@thefitchgroup.com


 Vivian Kam
 Hong Kong
 +852 2263 9612
 vivian.kam@thefitchgroup.com


 Additional information is available on www.fitchratings.com

 PARTICIPATION STATUS

 The rated entity (and/or its agents) or, in the case of structured finance, one or more of the
 transaction parties participated in the rating process except that the following issuer(s), if
 any, did not participate in the rating process, or provide additional information, beyond the
 issuer’s available public disclosure.

 APPLICABLE CRITERIA

 National Scale Rating Criteria (pub. 23 Dec 2020)
 Non-Bank Financial Institutions Rating Criteria (pub. 01 Feb 2025) (including rating
 assumption sensitivity)
 Sukuk Rating Criteria (pub. 14 Oct 2025)



 ADDITIONAL DISCLOSURES

 Solicitation Status
 Endorsement Policy

 ENDORSEMENT STATUS
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 PT Pegadaian (Persero)                                                                                  -


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