Jakarta - PT Pemeringkat Efek Indonesia (Pefindo) has downgraded the\nrating of PT Adhi Karya (Persero) Tbk (ADHI) to idBB from idA- with a\nCreditWatch with Negative implications. The rating action also applies\nto the company\u2019s Shelf Registration Bonds (PUB) III and PUB IV.<\/p>\n
In a publication released on 31 July 2026, Pefindo stated the\ndowngrade reflects the company\u2019s plan to hold a bondholders\u2019 meeting to\nrequest a postponement of coupon payments. The nearest coupon payment is\ndue on 24 August 2026.<\/p>\n
\u201cThis plan indicates that the company is experiencing acute liquidity\npressure, which has materially weakened its ability to meet financial\nobligations on time,\u201d Pefindo wrote.<\/p>\n
The liquidity pressure is primarily attributed to persistently weak\noperational cash flows, limited financial flexibility including access\nto funding, and challenging long-term conditions in Indonesia\u2019s\nconstruction sector.<\/p>\n
Pefindo noted that ADHI\u2019s rating is still supported by its adequate\nmarket position, but is constrained by high liquidity risk, high\nleverage, execution risk related to its order book, and a volatile\nbusiness environment. The rating agency also opened the option for\nfurther review based on the outcome of the bondholders\u2019 meeting\ndecision.<\/p>\n
However, if bondholders approve the coupon postponement, Pefindo\nconsiders it could potentially trigger a deeper rating downgrade, as it\nis viewed as a form of distressed debt restructuring to avoid\ndefault.<\/p>\n
In terms of financial performance, Pefindo reported that ADHI\u2019s\nadjusted assets as of June 2026 stood at Rp26.21 trillion, down from\nRp28.79 trillion at the end of 2025. The company\u2019s adjusted total equity\nshrank sharply to Rp2 trillion, from Rp3.3 trillion at the end of 2025,\nand significantly lower than Rp9.68 trillion in 2024.<\/p>\n
ADHI\u2019s total sales in the first half of 2026 were recorded at Rp3.3\ntrillion, while the company\u2019s EBITDA was Rp535.8 billion with an EBITDA\nmargin of 16.2%.<\/p>\n
The company\u2019s adjusted debt-to-EBITDA ratio surged to 7.7 times on an\nannualised basis as of June 2026. The adjusted debt-to-equity ratio also\nincreased to 4.1 times, from 2.5 times at the end of 2025.<\/p>\n
ADHI is a state-owned contractor established in 1960, with four main\nbusiness segments: construction; engineering, procurement, and\nconstruction (EPC); property and realty; and infrastructure investment.\nAs of 30 June 2026, PT Danantara Aset Management (Persero) was listed as\nthe majority shareholder with a 64.3% stake, while the remainder is held\nby the public.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/pefindo-cuts-adhi-rating-to-idbb-signalling-liquidity-pressure-1785833546", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }