JAKARTA. Pemeringkat Efek Indonesia (Pefindo) has lowered the rating of PT Wijaya Karya (Persero) Tbk (WIKA) Phase I/2020 Series A of Shelf Registration Sukuk Mudharabah I to 'idD(sy)" from previously "idCCC(sy)".

At the same time, Pefindo also downgraded WIKA's corporate rating to "idSD" from the previous "idCCC", with CreditWatch Negative Implications. "This action reflects WIKA's inability to complete the principal payment of the Shelf Registration Sukuk Mudharabah I/2020 Series A amounting to IDR 184 billion during the remedial period from maturity on December 18, 2023," wrote Pefindo in its official announcement.

Please note, WIKA has planned to hold a General Meeting of Sukuk Holders (RUPSU) on January 31, 2024.

On the other hand, Pefindo still maintains its Shelf Registration Bond Rating I, II, III at "idCCC". Then the ratings for Shelf Registration Sukuk Mudharabah I Phase I Series B and C, Phase II, Shelf Registration Sukuk Mudharabah II, and Shelf Registration Sukuk Mudharabah III are also still maintained at the "idCCC(sy)" level.

According to idnfinancials.com data, WIKA is one of the largest State-Owned Enterprises (BUMN) in the construction sector. A total of 65.05% of WIKA's shares are controlled by the Indonesian Government and the remaining 34.95% is owned by the public. (KR/LM)