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20250306_JSMR_Laporan Hasil Pemeringkatan_31866862_lamp2.pdf
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Rating Summary
March 6, 2025
PT Jasa Marga (Persero) Tbk
Credit Ratings PEFINDO has affirmed the ratings of PT Jasa Marga (Persero) Tbk (JSMR) and its
General Obligation (GO) idAA/Stable outstanding bonds at idAA. Outlook for the corporate rating is stable. The rating
SR Bond II idAA reflects JSMR’s important role to the government, the Company’s dominant position
SR Bond III idAA in the toll road sector, a diversified toll road portfolio with a long concession period,
and very strong financial flexibility. The rating is constrained by business risks related
Rating Period to the development of new toll roads and its high leverage.
March 4, 2025 – March 1, 2026
We may raise the rating if JSMR could strengthen its business profile substantially by
successfully developing and operating new toll roads with strong traffic volume, which
Published Rating History
supports the improvement in its financial profile, with lower leverage and stronger
MAR 2024 idAA/Stable
cash flow coverages on a sustain basis. We may lower the rating if government
NOV 2023 idAA/Stable
support weakens, its financial profile deteriorates because of a severe drop in revenue
NOV 2022 idAA/Stable
due to a decline in traffic volume, or the Company incurs higher debt than projected
MAY 2022 idAA-/Positive
without being compensated by favorable growth prospects.
MAY 2021 idAA-/Stable
JSMR is the largest toll road operator in Indonesia. Its portfolio includes 9 toll road
concessions at the parent company and 24 operated toll roads at subsidiaries,
whereas four toll roads are still under construction and one still partially operating. As
of December 31, 2024, its shareholders were the Indonesian government (70%), public
(29.94%, each below 2%), and its management (0.06%).
Financial Highlights
Rating Definition
As of/for the year ended Dec-2024 Dec-2023 Dec-2022 Dec-2021
A debt security rated idAA differs from the highest
(Audited) (Audited) (Audited) (Audited)
rated debt only to a small degree. The obligor’s
capacity to meet its long-term financial commitments Total adjusted assets [IDR bn] 140,684.6 129,270.1 91,097.3 101,201.0
on the debt security, relative to other Indonesian Total adjusted debt [IDR bn] 59,863.6 70,303.3 52,915.3 63,445.7
obligors, is very strong. Total adjusted equity [IDR bn] 57,499.3 38,869.4 25,579.5 25,458.5
Total sales [IDR bn]* 18,800.2 15,601.8 13,809.7 11,807.7
EBITDA [IDR bn] 12,619.0 9,911.6 8,680.0 7,675.5
Net income after MI [IDR bn] 4,535.6 6,793.6 2,746.9 1,615.3
EBITDA margin [%] 67.1 63.5 62.9 65.0
Adjusted debt/EBITDA [X] 4.7 7.1 6.1 8.3
Adjusted debt/adjusted equity [X] 1.0 1.8 2.1 2.5
FFO/adjusted debt [%] 12.4 7.4 6.3 3.5
EBITDA/IFCCI [X] 2.9 2.5 2.1 1.5
USD exchange rate [USD/IDR] 16,162 15,416 15,731 14,269
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 *Total sales include margin from construction
resnanda.dahono@pefindo.co.id The above ratios have been computed based on information from the company and published accounts. Where applicable, some items
naomi.sihombing@pefindo.co.id have been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 1/4 March 2025
Page 2
Rating Summary
March 6, 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 March 2025
Page 3
Ikhtisar Peringkat
6 Maret 2025
PT Jasa Marga (Persero) Tbk
Credit Ratings PEFINDO menegaskan peringkat PT Jasa Marga (Persero) Tbk (JSMR) dan Obligasi
General Obligation (GO) idAA/Stable yang telah diterbitkan di idAA. Prospek peringkat Perusahaan adalah stabil. Peringkat
SR Bond II idAA mencerminkan peran penting JSMR bagi pemerintah, posisi usaha yang dominan di
SR Bond III idAA sektor jalan tol, portofolio jalan tol yang terdiversifikasi dengan masa konsesi yang
panjang, dan fleksibilitas keuangan yang sangat kuat. Peringkat tersebut dibatasi oleh
Rating Period risiko bisnis terkait pengembangan jalan tol baru dan leverage yang tinggi.
March 4, 2025 – March 1, 2026
Kami dapat menaikkan peringkat jika JSMR dapat memperkuat profil bisnisnya secara
Published Rating History substansial melalui keberhasilan dalam mengembangkan dan mengoperasikan jalan
MAR 2024 idAA/Stable
tol baru dengan volume lalu lintas yang kuat yang mendukung perbaikan profil
NOV 2023 idAA/Stable
keuangannya, dengan leverage yang lebih rendah dan cakupan arus kas yang lebih
NOV 2022 idAA/Stable
kuat secara berkelanjutan. Kami dapat menurunkan peringkat jika dukungan
MAY 2022 idAA-/Positive
pemerintah melemah atau profil keuangannya memburuk karena turunnya
MAY 2021 idAA-/Stable
pendapatan akibat penurunan volume lalu lintas atau jika Perusahaan menambah
utang lebih tinggi dari yang diproyeksikan tanpa dikompensasi oleh prospek
pertumbuhan yang baik.
JSMR adalah operator jalan tol terbesar di Indonesia. Portofolio tol Perusahaan
termasuk 9 konsesi jalan tol di induk perusahaan dan 24 ruas tol beroperasi di entitas
anak, dimana empat ruas tol dalam konstruksi dan satu masih beroperasi sebagian.
Pada tanggal 31 Desember 2024, pemegang saham Perusahaan terdiri dari
Pemerintah Indonesia (70%), masyarakat (29,94%, masing-masing di bawah 2%), dan
manajemen Perusahaan (0,06%).
Rating Definition Financial Highlights
Efek utang dengan peringkat idAA memiliki sedikit
As of/for the year ended Dec-2024 Dec-2023 Dec-2022 Dec-2021
perbedaan dengan peringkat tertinggi yang
(Audited) (Audited) (Audited) (Audited)
diberikan, dan kemampuan Obligor untuk memenuhi
Total adjusted assets [IDR bn] 140,684.6 129,270.1 91,097.3 101,201.0
komitmen keuangan jangka panjang atas efek utang
tersebut, dibandingkan dengan Obligor lainnya di Total adjusted debt [IDR bn] 59,863.6 70,303.3 52,915.3 63,445.7
Indonesia, adalah sangat kuat. Total adjusted equity [IDR bn] 57,499.3 38,869.4 25,579.5 25,458.5
Total sales [IDR bn]* 18,800.2 15,601.8 13,809.7 11,807.7
EBITDA [IDR bn] 12,619.0 9,911.6 8,680.0 7,675.5
Net income after MI [IDR bn] 4,535.6 6,793.6 2,746.9 1,615.3
EBITDA margin [%] 67.1 63.5 62.9 65.0
Adjusted debt/EBITDA [X] 4.7 7.1 6.1 8.3
Adjusted debt/adjusted equity [X] 1.0 1.8 2.1 2.5
FFO/adjusted debt [%] 12.4 7.4 6.3 3.5
EBITDA/IFCCI [X] 2.9 2.5 2.1 1.5
USD exchange rate [USD/IDR] 16,162 15,416 15,731 14,269
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 *Total sales include margin from construction
resnanda.dahono@pefindo.co.id The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
naomi.sihombing@pefindo.co.id been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 3/4 Maret 2025
Page 4
Ikhtisar Peringkat
6 Maret 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 Maret 2025
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