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                                                                                      Press Release
KREDIT RATING INDONESIA                                                                        July 31, 2024




KIK-EBA MANDIRI GIAA01
Company Rating                 -                           “Debt securities with irBBB rating has an
                                                           adequate level of certainty to honor its financial
                                                           obligations. However, this certainty is more likely
Rated Instrument                                           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
Rating Period                                              closer to the rating scale above it.
July 29, 2024 – August 1, 2025

Rating History
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 principal of EBA   IDR 935,325,000,000.-
 Class A, as of March 31, 2024
 Issuer                               PT Mandiri Manajemen Investasi (“MMI”)
 Originator                           PT Garuda Indonesia (Persero) Tbk (“GIAA”)
 Collection agent / servicer          PT Garuda Indonesia (Persero) Tbk (“GIAA”)
 Custodian bank / trustee             PT Bank Maybank Indonesia Tbk (“BNII”)
 Collateral                           Rights for GIAA’s Middle-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 upgrades the rating of KIK-EBA Mandiri GIAA01 to
‘irBBB+(sf)‘

Kredit Rating Indonesia (KRI) upgrades the rating of KIK-EBA Mandiri GIAA01 to ‘irBBB+(sf)’
from ‘irBBB(sf)’. The outlook of the rating is Stable. The rating upgrades reflect the gradual
recovery of Indonesia’s Hajj and Umrah travel industry since Saudi Arabia lifted entry
restrictions in late 2021. GIAA’s revenue from Umrah and Hajj airline ticket sales has steadily
increased, reaching USD210.5 million from 2021 to March 2023, and further growing to
USD220.3 million between April 2023 and March 2024. These earnings comfortable cover the
first KIK-EBA Mandiri GIAA’s total installment obligations of approximately IDR49 billion in
2024. Additionally, GIAA has received around IDR45 billion in accumulated premiums from
PT Asuransi Kredit Indonesia (Askrindo) due to the termination of their insurance contract.

KIK-EBA Mandiri GIAA01 is an asset-backed securities established by MMI as the investment
manager and PT Bank Maybank Indonesia Tbk (BNII) as the custodian bank in 2018.

Analysts : Furqon Abrory Samara (furqon.samara@kreditratingindonesia.com)
           Cut Nabila Saraziva (cut.nabila@kreditratingindonesia.com)



KIK-EBA MANDIRI GIAA01                                                                                  Page 1
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                                                                                                            Press Release
KREDIT RATING INDONESIA                                                                                              July 31, 2024




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
objectivity of its analytical process and products. As a result, certain units of KRI may have information that is not available to
other units. KRI has established policies and procedures to maintain the confidentiality of certain non-public information received
in connection with each analytical process. KRI may receive compensation for its ratings and other analytical work, normally from
issuers of securities. KRI reserves the right to disseminate its opinions and analyses. KRI’s public ratings and analyses are made
available on its website, http://www.kreditratingindonesia.com (free of charge) and through other subscription based services,
and may be distributed through other means, including via KRI publications and third party redistributors. Information in KRI’s
website and its use fall under the restrictions and disclaimer stated above. No part of KRI’s website, the content of this report,
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

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Names mentioned 3 people and organisations named in the text · linked when the evidence is strong

linked org Garuda Indonesia (Persero) Tbk p.1 ×5
linked org Bank Maybank Indonesia Tbk p.1 ×4
unresolved org PT Mandiri Manajemen Investasi p.1

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