Ensuring Sustainable Performance, Inalum Boosts Expansion and Downstreaming
PT Indonesia Asahan Aluminium (Persero), or Inalum, has obtained an international credit rating of BBB- with a stable outlook from S&P Global Ratings, which simultaneously strengthens the company’s credibility in the financial market. This achievement aligns with the company’s efforts to maintain sustainable performance.
Inalum President Director Melati Sarnita stated that this rating achievement strengthens the business fundamentals and the execution of the national aluminium industry transformation in a sustainable manner. This investment grade serves as both recognition and a responsibility for Inrol to continue maintaining company performance prudently and sustainably.
“Amid the expansion and downstreaming agenda, we will ensure that growth does not merely pursue scale but remains built upon strong operational fundamentals, financial discipline, and robust good governance,” she said in an official statement in Jakarta on Friday.
The rating was assigned by S&P Global Ratings in a report published on 7 September 2026. The rating agency assessed Inalum’s strategic position within the MIND ID Group and the strong government support provided through MIND ID to the company.
S&P Global Ratings also assessed that Inalum plays a vital role in driving bauxite downstreaming and developing the national aluminium value chain, in line with the strategic agenda of MIND ID as a state-owned enterprise to strengthen the integrated mineral and metal industry in Indonesia.
According to Sarnita, this international rating complements the strengthening of Inalum’s credit profile in the domestic market. In August 2026, Pefindo upgraded Inalum’s rating by one notch from idAA-/Stable to idAA/Stable, after the company had maintained an idAA-/Stable rating for the previous three years.
This rating upgrade comes as Inalum prepares to increase funding requirements to support various aluminium downstreaming projects during the 2026-2029 period.
Efficiency is supported by a stable supply of hydro energy and the integration of domestic raw material sources. This cost advantage is considered one of Inalum’s credit strengths and provides the company with resilience in facing global aluminium price dynamics.
The use of hydroelectric power is also assessed to ensure that Inalum’s smelter not only contributes to carbon emission reduction but also supports the company’s profitability and production cost efficiency.