Back to announcement
20240606_APIA_Laporan Hasil Pemeringkatan_31648171_lamp1.pdf
Other Text extracted APIASource file signed link, expires in 15 minutes
Extracted text 4
Page 1
Rating Summary
June 4, 2024
PT Angkasa Pura II
Credit Ratings PEFINDO has affirmed its idAAA ratings for PT Angkasa Pura II (APIA) and its bonds.
General Obligation (GO) idAAA/Stable Outlook for the corporate rating is stable. The rating assessment follows the merger
Bond I idAAA plan announcement between APIA and PT Angkasa Pura I (APAI, rated idAAA/Stable)
SR Bond I idAAA into PT Angkasa Pura Indonesia (AP Indonesia, a sub-holding company for airports
operators) as the surviving entity. We expect this merger plan to be materialized in
the near term.
APIA’s corporate rating is mainly driven by the very strong likelihood of support from
Rating Period PT Aviasi Pariwisata Indonesia (Persero) (InJourney) as its Parent. APIA’s standalone
June 3, 2024 – September 1, 2024 credit profile is supported by its the Company’s strong competitive position as the
nation’s largest airport operator and its strong profit margin. However, the rating is
Published Rating History constrained by exposure to event-driven travel disruptions.
SEP 2023 idAAA/Stable
The rating may be lowered if we view the Parent’s capacity to provide extraordinary
SEP 2022 idAA+/Stable
support substantially weakens. The rating could also be under pressure if APIA’s
SEP 2021 idAA+/Negative
degree of importance to the Parent deteriorates, indicated by the Company’s lower
JUN 2021 idAA+/Negative
contribution or the Parent significantly reduces its share ownership.
SEP 2020 idAAA/Negative
Engaged in airport and airport-related services, APIA operates 20 airports, including
Soekarno-Hatta International Airport in Tangerang (Banten), the country’s largest
airport and the main gateway, and Kualanamu International Airport in North Sumatra.
As of March 31, 2024, its shareholders were PT Aviasi Pariwisata Indonesia (Persero)
(99.99%) and Government of Indonesia through one Dwiwarna share.
Rating Definition Financial Highlights
A debt security rated idAAA has the highest rating As of/for the year ended Mar-24 Dec-2023 Dec-2022 Dec-2021
assigned by PEFINDO. The issuer’s capacity to meet
(Unaudited) (Audited) (Audited) (Audited)
its long-term financial commitments on the debt
Total adjusted assets [IDR bn] 41,654.1 43,024.4 42,354.2 41,764.0
security, relative to other Indonesian issuers, is
Total adjusted debt [IDR bn] 17,828.5 18,418.8 19,664.6 18,592.6
superior.
Total adjusted equity [IDR bn] 18,844.3 19,140.8 17,517.8 17,511.3
Total sales [IDR bn] 2,508.7 11,902.5 8,418.2 5,446.9
EBITDA [IDR bn] 1,053.5 4,792.6 2,905.3 (530.3)
Net income after MI [IDR bn] 163.3 1,242.9 83.7 (3,522.3)
EBITDA margin [%] 42.0 40.3 34.5 (9.7)
Adjusted debt/EBITDA [X] *4.2 3.8 6.8 (35.1)
Adjusted debt/adjusted equity [X] 0.9 1.0 1.1 1.1
FFO/adjusted debt [%] *14.3 17.1 7.9 (10.3)
EBITDA/IFCCI [X] 2.8 3.2 2.3 (0.4)
USD exchange rate [IDR/USD] 15,853 15,416 15,731 14,178
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
qorri.aina@pefindo.co.id
tsanya.chindra@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 June 2024
Page 2
Rating Summary
June 4, 2024
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 June 2024
Page 3
Ikhtisar Peringkat
4 Juni 2024
PT Angkasa Pura II
Credit Ratings PEFINDO menegaskan peringkat idAAA untuk PT Angkasa Pura II (APIA) dan
General Obligation (GO) idAAA/Stable obligasinya. Prospek untuk peringkat Perusahaan adalah stabil. Hasil peringkat
Bond I idAAA tersebut menindaklanjuti rencana penggabungan usaha antara APIA dan PT Angkasa
SR Bond I idAAA Pura I (APAI, peringkat idAAA/stabil) ke dalam PT Angkasa Pura Indonesia (AP
Indonesia, perusahaan sub-holding pengelola bandar udara) sebagai entitas yang
menerima penggabungan. Rencana penggabungan usaha ini kami ekspektasikan
akan terealisasi dalam waktu dekat.
Peringkat APIA terutama dipengaruhi oleh tingkat kemungkinan dukungan yang
Rating Period
sangat kuat dari PT Aviasi Pariwisata Indonesia (Persero) (InJourney) selaku induk
June 3, 2024 – September 1, 2024
Perusahaan. Profil kredit berdiri sendiri APIA didukung posisi kompetitif Perusahaan
yang kuat sebagai operator bandara terbesar di Indonesia dan margin laba yang kuat.
Published Rating History
Namun, peringkat tersebut dibatasi oleh eksposur terhadap kejadian yang dapat
SEP 2023 idAAA/Stable
mengganggu perjalanan.
SEP 2022 idAA+/Stable
SEP 2021 idAA+/Negative Peringkat dapat diturunkan jika kami memandang kapasitas Induk Perusahaan untuk
JUN 2021 idAA+/Negative memberikan dukungan luar biasa melemah secara substansial. Peringkat juga dapat
SEP 2020 idAAA/Negative berada di bawah tekanan jika tingkat kepentingan APIA bagi Induk menurun,
diindikasikan dengan kontribusi Perusahaan yang lebih rendah atau jika Induk
mengurangi kepemilikan sahamnya secara signifikan.
Bergerak dalam bidang bandara dan jasa terkait bandara, APIA mengoperasikan 20
bandara, termasuk Bandara Internasional Soekarno-Hatta di Tangerang (Banten),
yang merupakan bandara terbesar dan gerbang utama Indonesia, dan Bandara
Internasional Kualanamu di Sumatera Utara. Per 31 Maret 2024, pemegang sahamnya
adalah PT Aviasi Pariwisata Indonesia (Persero) (99,99%) dan Pemerintah Indonesia
melalui satu lembar saham dwiwarna.
Rating Definition Financial Highlights
Efek utang dengan peringkat idAAA merupakan
As of/for the year ended Mar-24 Dec-2023 Dec-2022 Dec-2021
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] 41,654.1 43,024.4 42,354.2 41,764.0
dibandingkan emiten Indonesia lainnya adalah Total adjusted debt [IDR bn] 17,828.5 18,418.8 19,664.6 18,592.6
superior. Total adjusted equity [IDR bn] 18,844.3 19,140.8 17,517.8 17,511.3
Total sales [IDR bn] 2,508.7 11,902.5 8,418.2 5,446.9
EBITDA [IDR bn] 1,053.5 4,792.6 2,905.3 (530.3)
Net income after MI [IDR bn] 163.3 1,242.9 83.7 (3,522.3)
EBITDA margin [%] 42.0 40.3 34.5 (9.7)
Adjusted debt/EBITDA [X] *4.2 3.8 6.8 (35.1)
Adjusted debt/adjusted equity [X] 0.9 1.0 1.1 1.1
FFO/adjusted debt [%] *14.3 17.1 7.9 (10.3)
EBITDA/IFCCI [X] 2.8 3.2 2.3 (0.4)
USD exchange rate [IDR/USD] 15,853 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)
Contact Analysts: MI= Minority Interest *annualized
qorri.aina@pefindo.co.id The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
tsanya.chindra@pefindo.co.id been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com 3/4 Juni 2024
Page 4
Ikhtisar Peringkat
4 Juni 2024
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 Juni 2024
Names mentioned 8 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Angkasa Pura II Credit Ratings
p.1 ×2
unresolved
org
PT Angkasa Pura Indonesia
p.1 ×2
unresolved
org
PT Aviasi Pariwisata Indonesia (Persero)
p.1 ×4
unresolved
org
PT Pemeringkat Efek Indonesia
p.2 ×2
unresolved
org
PT Angkasa SR Bond I
p.3
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.