JAKARTA – PT Rukun Raharja Tbk (RAJA) has scored an “idA+” rating from Pemeringkat Efek Indonesia (Pefindo), a local rating agency, nearing the listing of one of its subsidiaries, PT Raharja Energi Cepu Tbk (RATU).

Pefindo mentioned that the rating reflects RAJA’s solid market position. In addition, RAJA is thought to have a secure contract scheme and strong financial profile.

However, Pefindo added in the official statement, RAJA’s rating is still limited to risks, like commodity price fluctuation and concentrated user profile.

“The rating may be upgraded should RAJA manage to boost inter-stream business in general, especially in midstream and downstream business, along with solid financial profile,” Pefindo further explained.

In the meantime, RAJA also secured an “idA+/Stable” for its general obligations. The rating will be effective until December 1, 2025.

As reported by IDNFinancials before, RATU has just concluded its initial public offering (IPO) by offering 543 million shares. Setting the exercise price to IDR 1,150 each, RATU is set to raise IDR 624.46 billion from the IPO.

The listing of RATU will then take place next Wednesday (7/1) on Indonesia Stock Exchange (IDX). (KR/ZH)