Angkasa Pura I Gets AAA Credit Rating With Stable Outlook For Sukuk And Bonds

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Angkasa Pura I (AP I) received an AAA credit rating with a stable outlook for bonds and sukuk from the national credit rating agency, PT Pemeringkat Efek Indonesia (Pefindo).

With the increase in credit rating to AAA, AP I received the highest rating given by Pefindo. The credit rating shows the ability of long-term financial obligations to the debt effect compared to other companies being superior.

"The increase in credit from AA+ to AAA is proof of AP I's commitment to improving the company's performance, both operationally and financially. This increase is a trigger for us to develop even better in providing services to airport service users," said AP I President Director MMA Indah Preastuty in a statement in Jakarta, quoted from Antara, Tuesday, March 19.

Indah explained that the increase in credit rating from Pefindo was due to an improvement in the company's financial risk profile in line with the recovery rate in the number of passenger traffic handled by the company.

AP I noted that it has served 69.8 million passengers throughout 2023 or received a recovery rate of 85.65 percent from the pre-pandemic rate in 2019.

The company's passenger traffic growth also creates a stronger basis for rapid traffic growth in the short and medium term. With that, the company's rating prospects are declared stable.

Pefindo also said that the company's rating was also driven by strong support from the parent company, PT Aviasi Wisata Indonesia (Persero) or InJourney.

In addition, the economy of a strong service area as well as a solid track record in obtaining aeronautics and non-aeronautical income are also the main factors why the company's credit profile gets AAA or the highest ranking from Pefindo.

To note, AP I currently operates 16 airports, 15 of which are managed directly and one airport, namely Hang Nadim Batam Airport under the joint operation/JO. AP I is the operator of Bali's I Gusti Ngurah Rai International Airport, which is the second busiest airport in Indonesia after Soekarno-Hatta Cengkareng International Airport by serving around 21.5 million passengers in 2023.

"The increase in the company's credit rating can increase the confidence of stakeholders and the public in AP I. For that, we will continue to strive to maintain and even improve the company's performance to make it even better," said Indah.

The credit rating obtained by AP I in the form of AAA is a stable outlook for 2016 Series C Bonds I and Shelf-Registered Bonds I Phase I Series A, Series B, Series C, and Series D 2021 PT Angkasa Pura I worth IDR 2.6 trillion for the period March 13, 2024-1 March 2025.

Likewise, AAA credit ranking for Sukuk Ijarah I Series C Year 2016 and Sukuk Ijarah Sustainable Phase I Series A, Series B, Series C and Series D Year 2021 PT Angkasa Pura I worth IDR 673 billion and Sukuk Wakalah Bi Al-Istitsmar Long-Term Year 2023 PT Angkasa Pura I worth IDR 1.46 trillion for the period March 13, 2024-1 March 2025.