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20250527_ISAT_Laporan Hasil Pemeringkatan_31889537_lamp2.pdf
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Page 1
Rating Summary
May 17, 2025
PT Indosat Tbk
Credit Rating(s) PEFINDO has affirmed its idAAA ratings for PT Indosat Tbk (ISAT) and ISAT’s
General Obligation (GO) idAAA/Stable outstanding bonds as well as its idAAA(sy) ratings for the Company’s outstanding
SR Bond I idAAA sukuk. Outlook for the corporate rating is stable. The rating reflects ISAT’s strong
SR Sukuk Ijarah I idAAA(sy) support likelihood from its majority shareholders, very strong market position, and
SR Bond II idAAA strong profit margin. However, the rating is offset by its moderate capital structure
SR Sukuk Ijarah II idAAA (sy) and the intense competition within the telecommunications industry.
SR Bond III idAAA
SR Sukuk Ijarah III idAAA(sy) The rating could be lowered if ISAT aggressively funds business expansion with
SR Bond IV idAAA substantially larger debt than projected without being compensated by improvement
SR Sukuk Ijarah IV idAAA(sy) in revenue and profit margins in the near to medium term. The rating may also be
lowered if PEFINDO views a significant reduction in linkage with or support from the
Rating Period shareholders.
May 14, 2025 – May 1, 2026
ISAT or Indosat Ooredoo Hutchison is one of the top three telecommunications and
Published Rating History information service operators in Indonesia, providing services as follows: cellular;
MAY 2022- 2024 idAAA/Stable
multimedia, internet, and data communication (MIDI); and fixed telecommunications
DEC 2021 idAAA/Stable
services. As of March 31, 2025, it was 65.64% owned by Ooredoo Hutchison Asia, Pte
SEP 2021 idAAA/CWN
Ltd, which is jointly controlled by Ooredoo South East Asia Holding W.L.L and CK
DEC 2020 idAAA/Stable
Hutchison Indonesia Telecom Holdings Limited. The remaining stakes were owned by
DEC 2019 idAAA/Stable
PT Perusahaan Pengelola Aset (9.63%), PT Tiga Telekomunikasi Indonesia (8.33%),
and the public (16.40%).
Rating Definition Financial Highlights
An obligor rated idAAA has the highest rating As of/for the year ended Mar-2025 Dec-2024 Dec-2023 Dec-2022
assigned by PEFINDO. Its capacity to meet its long-
(Unaudited) (Audited) (Audited) (Audited)
term financial commitments, relative to that of other
Total adjusted assets [IDR bn] 93,463.9 94,269.7 94,218.1 93,948.0
Indonesian obligors, is superior.
Total adjusted debt [IDR bn] 60,630.5 63,307.5 64,632.7 66,808.2
Suffix (sy) means the rating mandates compliance Total adjusted equity [IDR bn] 17,899.0 16,534.8 13,204.6 11,659.2
with Islamic principles. Total sales [IDR bn] 13,577.9 55,886.9 51,228.8 46,752.3
EBITDA [IDR bn] 6,415.1 26,375.0 23,938.0 19,468.7
Net income after MI [IDR bn] 1,311.1 4,910.8 4,506.4 4,723.4
EBITDA margin [%] 47.2 47.2 46.7 41.6
Adjusted debt/EBITDA [X] *2.4 2.4 2.7 3.4
Adjusted debt/adjusted equity [X] 3.4 3.8 4.9 5.7
FFO/adjusted debt [%] *33.9 33.3 28.2 21.4
EBITDA/IFCCI [X] 5.9 5.9 5.1 4.5
USD exchange rate [IDR/USD] 16,588 16,162 15,416 15,731
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)
MI= Minority Interest *annualized
ayuningtyas.nur@pefindo.co.id
fella.vina@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 May 2025
Page 2
Rating Summary
May 17, 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 2/4 May 2025
Page 3
Ikhtisar Peringkat
16 Mei 2025
PT Indosat Tbk
Credit Rating(s) PEFINDO menetapkan peringkat idAAA untuk PT Indosat Tbk (ISAT) dan obligasi yang
General Obligation (GO) idAAA/Stable masih beredar, serta peringkat idAAA(sy) untuk sukuk yang masih beredar. Prospek
SR Bond I idAAA untuk peringkat Perusahaan adalah stabil. Peringkat mencerminkan tingkat
SR Sukuk Ijarah I idAAA(sy) kemungkinan yang kuat akan adanya dukungan dari pemegang saham, posisi pasar
SR Bond II idAAA Perusahaan yang sangat kuat, dan marjin laba yang kuat dalam jangka pendek hingga
SR Sukuk Ijarah II idAAA(sy) menengah. Peringkat dibatasi oleh struktur permodalan yang moderat dan ketatnya
SR Bond III idAAA persaingan di industri.
SR Sukuk Ijarah III idAAA(sy)
SR Bond IV idAAA Peringkat dapat diturunkan jika ISAT secara agresif mendanai ekspansi bisnis dengan
SR Sukuk Ijarah IV idAAA (sy) utang yang secara substansial lebih besar dari yang diproyeksikan tanpa diimbangi
dengan membaiknya pendapatan dan marjin laba dalam jangka waktu dekat hingga
Rating Period menengah. Peringkat juga dapat diturunkan jika PEFINDO menilai terjadi penurunan
May 14, 2025 – May 1, 2026 signifikan dalam hubungan dengan atau dukungan dari pemegang saham
Perusahaan.
Published Rating History
MAY 2022- 2023 ISAT atau Indosat Ooredoo Hutchison merupakan penyedia layanan telekomunikasi
idAAA/Stable
DEC 2021 dan informasi, mencakup layanan bisnis seluler; multimedia, internet, dan komunikasi
idAAA/Stable
SEP 2021 data (MIDI); dan jaringan telepon tetap. Pada tanggal 31 Maret 2025, 65,64% saham
idAAA/CWN
DEC 2020 ISAT dimiliki oleh Ooredoo Hutchison Asia, Pte Ltd, yang dikendalikan bersama oleh
idAAA/Stable
DEC 2019 Ooredoo South East Asia Holding W.L.L dan CK Hutchison Indonesia Telecom
idAAA/Stable
Holdings Limited. Pemegang saham lainnya adalah PT Perusahaan Pengelola Aset
(9,63%), PT Tiga Telekomunikasi Indonesia (8,33%), dan publik (16,40%).
Rating Definition Financial Highlights
Efek utang dengan peringkat idAAA merupakan
As of/for the year ended Mar-2025 Dec-2024 Dec-2023 Dec-2022
peringkat tertinggi yang diberikan oleh PEFINDO.
(Unaudited) (Audited) (Audited) (Audited)
Kemampuan emiten untuk memenuhi kewajiban
keuangan jangka panjang atas efek utang tersebut Total adjusted assets [IDR bn] 93,463.9 94,269.7 94,218.1 93,948.0
dibandingkan emiten Indonesia lainnya adalah Total adjusted debt [IDR bn] 60,630.5 63,307.5 64,632.7 66,808.2
superior. Total adjusted equity [IDR bn] 17,899.0 16,534.8 13,204.6 11,659.2
Total sales [IDR bn] 13,577.9 55,886.9 51,228.8 46,752.3
Akhiran (sy) berarti peringkat mengindikasikan EBITDA [IDR bn] 6,415.1 26,375.0 23,938.0 19,468.7
pemenuhan prinsip Syariah. Net income after MI [IDR bn] 1,311.1 4,910.8 4,506.4 4,723.4
EBITDA margin [%] 47.2 47.2 46.7 41.6
Adjusted debt/EBITDA [X] *2.4 2.4 2.7 3.4
Adjusted debt/adjusted equity [X] 3.4 3.8 4.9 5.7
FFO/adjusted debt [%] *33.9 33.3 28.2 21.4
EBITDA/IFCCI [X] 5.9 5.9 5.1 4.5
USD exchange rate [IDR/USD] 16,588 16,162 15,416 15,731
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
Contact Analysts: 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
fella.vina@pefindo.co.id been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 3/4 Mei 2025
Page 4
Ikhtisar Peringkat
16 Mei 2025
DISCLAIMER
Peringkat yang dimuat dalam laporan atau publikasi ini adalah pendapat PT Pemeringkat Efek Indonesia (PEFINDO) yang diberikan berdasarkan hasil
pemeringkatan pada saat tanggal dibuatnya peringkat. Peringkat merupakan opini ke depan mengenai kemampuan pihak yang diperingkat dalam memenuhi
kewajiban finansialnya secara penuh dan tepat waktu, berdasarkan asumsi yang dibuat saat pemberian peringkat. Peringkat bukan merupakan rekomendasi bagi
pemodal untuk mengambil keputusan investasi (baik keputusan untuk membeli, menjual, atau menahan efek utang apapun yang diterbitkan berdasarkan atau
berhubungan dengan peringkat atau keputusan investasi lainnya) dan/atau opini atas nilai kewajaran efek utang dan/atau nilai entitas yang diberikan peringkat
oleh PEFINDO. Semua data dan informasi yang diperlukan dalam proses pemeringkatan diperoleh dari pihak yang meminta pemeringkatan yang dianggap dapat
dipercaya keakuratan dan kebenarannya dan dari sumber lain yang dianggap dapat diandalkan. PEFINDO tidak melakukan audit, uji tuntas, atau verifikasi secara
independen dari setiap informasi dan data yang diterima dan digunakan sebagai dasar dalam proses pemeringkatan. PEFINDO tidak bertanggung jawab atas
kebenaran, kelengkapan, ketepatan waktu, dan keakuratan informasi dan data yang dimaksud. Keakuratan dan kebenaran informasi dan data menjadi tanggung
jawab sepenuhnya dari pihak yang memberikan informasi dan data yang dimaksud. PEFINDO dan setiap anggota Direksi, Komisaris, Pemegang Saham, serta
Karyawannya tidak bertanggung jawab kepada pihak manapun atas segala kerugian, biaya-biaya dan pengeluaran yang diderita atau timbul sebagai akibat
penggunaan isi dan/atau informasi dalam laporan atau publikasi ini, baik secara langsung maupun tidak langsung. PEFINDO menerima imbalan untuk jasa
pemeringkatan umumnya dari pihak yang meminta dilakukannya jasa pemeringkatan, dan PEFINDO sudah menginformasikan biaya pemeringkatan sebelum
penetapan peringkat. PEFINDO memiliki komitmen dalam bentuk kebijakan dan prosedur untuk menjaga obyektivitas, integritas, dan independensi dalam proses
pemeringkatan. PEFINDO juga memiliki code of conduct untuk menghindari benturan kepentingan dalam proses pemeringkatan. Peringkat bisa berubah di masa
depan karena peristiwa yang belum diantisipasi sebelumnya pada saat peringkat diberikan pertama kali. PEFINDO berhak menarik peringkat jika data dan informasi
yang diterima tidak memadai dan/atau perusahaan yang diperingkat tidak memenuhi kewajibannya kepada PEFINDO. Atas peringkat yang sudah mendapat
persetujuan publikasi dari pihak yang diperingkat, PEFINDO berhak untuk mempublikasi peringkat dan analisisnya dalam laporan atau publikasi ini serta
mempublikasikan hasil kaji ulang terhadap peringkat yang telah dipublikasikan, baik secara berkala maupun secara khusus dalam hal terdapat fakta material atau
kejadian penting yang dapat mempengaruhi hasil pemeringkatan sebelumnya. Reproduksi isi publikasi ini, secara penuh atau sebagian, harus mendapat
persetujuan tertulis dari PEFINDO. PEFINDO tidak bertanggung jawab atas publikasi yang dilakukan oleh pihak lain terkait peringkat yang diberikan oleh PEFINDO.
http://www.pefindo.com 4/4 Mei 2025
Names mentioned 8 people and organisations named in the text · linked when the evidence is strong
unresolved
org
CWN Ltd
p.1
unresolved
org
Stable Hutchison Indonesia Telecom Holdings Limited
p.1
unresolved
org
PT Pemeringkat Efek Indonesia
p.2 ×2
unresolved
org
Pte Ltd
p.3
unresolved
org
Stable Holdings Limited
p.3
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