JAKARTA. Pemeringkat Efek Indonesia (Pefindo), a local issuer and security rating agency, has promoted the rating of sukuk ijarah and bonds issued by PT Polytama Propindo (PLTM).

Didik Susilo, President Director of PLTM, claimed that said rating is given by Pefindo for Sukuk Ijarah of PLTM I Year 2020 and Bonds of PLTM I Year 2020. The ratings of both bonds were raised to “idA-sy” and “idA-“ with Stable outlook.

Prior to this promotion, Sukuk Ijarah of PLTM I Year 2020 was only rated “idBBB+sy,” while Bonds of PLTM I Year 2020 has an “idBBB+” rating.

“The rating upgrade reflects the company’s vital and strategic position for Pertamina Group, our solid vertical integration, and high demands for polypropylene in the domestic market,” Susilo explained in the official disclosure.

Based on IDNFinancials data, the amount of principals of sukuk ijarah and bonds clocks up to IDR 750 billion in total. Both securities were issued back in September 2020.

For the record, PLTM is still listed under Pertamina Group through PT Tuban Petrochemical Industries (Tuban Petro), 47% of whose are controlled by Pertamina. (KR/ZH)