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20240913_APIA_Laporan Hasil Pemeringkatan_31725764_lamp4.pdf
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Page 1
Rating Summary
September 11, 2024
PT Angkasa Pura Indonesia
Credit Ratings PEFINDO has affirmed its idAAA rating with stable outlook to PT Angkasa Pura
General Obligation (GO) idAAA/Stable Indonesia (API), previously PT Angkasa Pura II, a surviving entity of the merger with
Bond I idAAA PT Angkasa Pura I effective on September 9, 2024. PEFINDO has also affirmed its
SR Bond I idAAA idAAA ratings and its idAAA(sy) ratings for bonds and sukuk previously issued by
APAI’s instrument: Angkasa Pura II and Angkasa Pura I, since they will be assumed by API. Outlook for
Bond I idAAA the corporate rating is stable. We view that the merger will provide API with larger
SR Bond I idAAA scale and diversity as it will increase API’s airport portfolio to 37 airports, making the
SR Bond II idAAA Company the fifth largest airport operator globally. PEFINDO has also withdrawn the
Sukuk Ijarah I idAAA (sy) rating of Angkasa Pura I (latest rated idAAA/Stable) since it ceased to exist as a
SR Sukuk Ijarah I idAAA(sy) separate legal entity, and its assets and liabilities were fully transferred to API.
Sukuk Wakalah idAAA(sy)
API’s corporate rating is mainly driven by the very strong likelihood of support from
PT Aviasi Pariwisata Indonesia (Persero) (InJourney) as its Parent. API’s standalone
credit profile is supported by its the Company’s strong competitive position as the
Rating Period nation’s largest airport operator and its strong profit margin. The rating is constrained
September 10, 2024 – September 1, 2025 by exposure to event-driven travel disruptions.
The rating may be lowered if we view the Parent’s capacity to provide extraordinary
Published Rating History
support substantially weakens. The rating could also be under pressure if API’s degree
(before merger)
of importance to the Parent deteriorates, indicated by the Company’s lower
JUN 2024 idAAA/Stable
contribution or the Parent significantly reduces its share ownership.
SEP 2023 idAAA/Stable
SEP 2022 idAA+/Stable Established in September 2024 as the result of merger between two state-owned
SEP 2021 idAA+/Negative airport operators, API operates 37 airports in Indonesia. As of September 9, 2024, its
JUN 2021 idAA+/Negative shareholders were PT Aviasi Pariwisata Indonesia (Persero) (52.6%) and PT Angkasa
Pura Nusantara (47.4%). Government of Indonesia holds two Dwiwarna shares in API.
Rating Definition
A debt security rated idAAA has the highest rating
assigned by PEFINDO. The obligor’s capacity to meet
its long-term financial commitments on the debt
security, relative to other Indonesian obligors, is
superior.
Contact Analysts:
qorri.aina@pefindo.co.id
tsanya.chindra@pefindo.co.id
http://www.pefindo.com 1/4 September 2024
Page 2
Rating Summary
September 11, 2024
Financial Highlights
As of/for the year ended Jun-2024 Dec-2023^ Dec-2022^ Dec-2021^
(Unaudited) (Audited) (Audited) (Audited)
Total adjusted assets [IDR bn] 94,034.0 43,024.4 42,354.2 41,764.0
Total adjusted debt [IDR bn] 44,964.8 18,418.8 19,664.6 18,592.6
Total adjusted equity [IDR bn] 39,002.4 19,140.8 17,517.8 17,511.3
Total sales [IDR bn] 10,087.2 11,902.5 8,418.2 5,446.9
EBITDA [IDR bn] 5,034.0 4,792.6 2,905.3 (530.3)
Net income after MI [IDR bn] 1,181.9 1,242.9 83.7 (3,522.3)
EBITDA margin [%] 49.9 40.3 34.5 (9.7)
Adjusted debt/EBITDA [X] *4.5 3.8 6.8 (35.1)
Adjusted debt/adjusted equity [X] 1.2 1.0 1.1 1.1
FFO/adjusted debt [%] *12.8 17.1 7.9 (10.3)
EBITDA/IFCCI [X] 2.8 3.2 2.3 (0.4)
USD exchange rate [IDR/USD] 16,421 15,416 15,731 14,178
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)
MI= Minority Interest *annualized ^before merger
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.
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 September 2024
Page 3
Rating Summary
September 11, 2024
http://www.pefindo.com 3/4 September 2024
Page 4
Ikhtisar Peringkat
11 September 2024
PT Angkasa Pura Indonesia
Credit Ratings PEFINDO menegaskan peringkat idAAA dengan prospek ktabil untuk PT Angkasa
General Obligation (GO) idAAA/Stable Pura Indonesia (API), sebelumnya PT Angkasa Pura II, surviving entity dari
Bond I idAAA penggabungan dengan PT Angkasa Pura I yang berlaku efektif pada 9 September
SR Bond I idAAA 2024. PEFINDO juga menegaskan peringkat idAAA dan idAAA(sy) untuk obligasi dan
APAI’s instrument: sukuk yang sebelumnya diterbitkan oleh Angkasa Pura II dan Angkasa Pura I, yang
Bond I idAAA diambil alih oleh API. Kami menilai penggabungan usaha ini akan memberikan API
SR Bond I idAAA skala dan diversifikasi yang lebih besar dengan meningkatnya portofolio bandara
SR Bond II idAAA menjadi 37 bandara, menjadikan API sebagai operator bandara terbesar kelima
Sukuk Ijarah I idAAA(sy) secara global. PEFINDO juga telah menarik peringkat Angkasa Pura I (terakhir
SR Sukuk Ijarah I idAAA(sy) diperingkat idAAA/Stabil) karena tidak lagi berdiri sebagai badan hukum yang
Sukuk Wakalah idAAA(sy) terpisah, dan aset serta liabilitasnya sepenuhnya dialihkan ke API.
Peringkat API terutama didorong oleh kemungkinan dukungan yang sangat kuat dari
PT Aviasi Pariwisata Indonesia (Persero) (InJourney) sebagai Induknya. Profil kredit
Rating Period berdiri sendiri API didukung oleh posisi kompetitif Perusahaan yang kuat sebagai
September 10, 2024 – September 1, 2025 operator bandara terbesar di Indonesia dan margin profit yang kuat. Peringkat
dibatasi oleh eksposur terhadap kejadian yang dapat mengganggu perjalanan.
Published Rating History
(before merger) Peringkat dapat diturunkan jika kami memandang kapasitas Induk untuk memberikan
JUN 2024 idAAA/Stable
dukungan luar biasa melemah secara substansial. Peringkat juga dapat berada di
SEP 2023 idAAA/Stable
bawah tekanan jika tingkat kepentingan API bagi Induk menurun, yang ditunjukkan
SEP 2022 idAA+/Stable
oleh kontribusi Perusahaan yang lebih rendah atau Induk secara signifikan
SEP 2021 idAA+/Negative
mengurangi kepemilikan sahamnya.
JUN 2021 idAA+/Negative
Didirikan pada September 2024 sebagai hasil penggabungan usaha dua operator
bandara milik pemerintah, API mengoperasikan 37 bandara di seluruh Indonesia. Per
9 September 2024, pemegang saham Perusahaan adalah PT Aviasi Pariwisata
Indonesia (Persero) (52,6%) dan PT Angkasa Pura Nusantara (47,4%). Pemerintah
Indonesia memiliki dua saham Dwiwarna di API.
Rating Definition
Efek utang dengan peringkat idAAA merupakan
peringkat tertinggi yang diberikan oleh PEFINDO.
Kemampuan obligor untuk memenuhi kewajiban
keuangan jangka panjang atas efek utang tersebut
dibandingkan obligor Indonesia lainnya adalah
superior.
Contact Analysts:
qorri.aina@pefindo.co.id
tsanya.chindra@pefindo.co.id
http://www.pefindo.com 4/4 September 2024
Page 5
Ikhtisar Peringkat
11 September 2024
Financial Highlights
As of/for the year ended Jun-2024 Dec-2023^ Dec-2022^ Dec-2021^
(Unaudited) (Audited) (Audited) (Audited)
Total adjusted assets [IDR bn] 94,034.0 43,024.4 42,354.2 41,764.0
Total adjusted debt [IDR bn] 44,964.8 18,418.8 19,664.6 18,592.6
Total adjusted equity [IDR bn] 39,002.4 19,140.8 17,517.8 17,511.3
Total sales [IDR bn] 10,087.2 11,902.5 8,418.2 5,446.9
EBITDA [IDR bn] 5,034.0 4,792.6 2,905.3 (530.3)
Net income after MI [IDR bn] 1,181.9 1,242.9 83.7 (3,522.3)
EBITDA margin [%] 49.9 40.3 34.5 (9.7)
Adjusted debt/EBITDA [X] *4.5 3.8 6.8 (35.1)
Adjusted debt/adjusted equity [X] 1.2 1.0 1.1 1.1
FFO/adjusted debt [%] *12.8 17.1 7.9 (10.3)
EBITDA/IFCCI [X] 2.8 3.2 2.3 (0.4)
USD exchange rate [IDR/USD] 16,421 15,416 15,731 14,178
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)
MI= Minority Interest *annualized ^before merger
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.
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 5/4 September 2024
Names mentioned 9 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Angkasa Pura Indonesia Credit Ratings
p.1 ×2
unresolved
org
PT Angkasa Pura General Obligation
p.1
unresolved
org
PT Aviasi Pariwisata Indonesia (Persero)
p.1 ×4
unresolved
org
PT Angkasa Pura Nusantara
p.1 ×2
unresolved
org
PT Pemeringkat Efek Indonesia
p.2 ×2
unresolved
org
PT Angkasa General Obligation
p.4
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