Fitch Maintains PGAS Rating at Investment Grade, Here's Why
PT Perusahaan Gas Negara Tbk (PGAS), Pertamina’s Gas Subholding, has maintained its investment-grade credit rating at BBB- with a Stable Outlook from international ratings agency Fitch Ratings for both foreign currency and rupiah denominations.
This ratings affirmation reflects the resilience of fundamental business operations, strong cash flow generation, and PGAS’s strategic position as the manager of the nation’s gas infrastructure, amid market dynamics and adjusted outlooks for several Indonesian corporates following Fitch’s revision of Indonesia’s sovereign outlook.
PGAS Chief Financial Officer Catur Dermawan stated that the affirmation of the rating demonstrates the confidence of global ratings agencies in the company’s fundamental business position and operational stability.
“The confirmation of the BBB- rating with a Stable Outlook reflects the resilience of PGAS’s fundamentals, supported by a strategically positioned gas infrastructure portfolio, reliable operational performance, and disciplined financial management,” Catur said.
As the operator of over 95% of Indonesia’s gas infrastructure network, PGAS operates extensive transmission and distribution systems serving various strategic sectors, including industry, power generation, commercial operations and residential consumers. This role establishes PGAS as a critical energy infrastructure operator within the national energy system and supports domestic energy security.
During 2025, PGAS recorded revenue of US$3.9 billion with EBITDA reaching US$971.2 million, whilst maintaining a strong cash position of US$1.3 billion. These conditions provide financial flexibility for the company to maintain operational stability whilst supporting future development of gas infrastructure.
PGAS’s financial profile also demonstrates consistent strengthening. The interest coverage ratio improved to 17.44x at the end of 2025 compared with 15.83x in the previous year, reflecting the company’s EBITDA capacity to meet interest obligations very comfortably.
Additionally, the debt-to-equity ratio also improved to 30.5% from the previous 34.6%, demonstrating prudent capital structure management and maintained financial discipline.
Going forward, PGAS will continue to strengthen its business fundamentals through optimisation of the national gas infrastructure, integration of piped gas and liquefied natural gas supply portfolios, and enhanced operational efficiency to sustain company performance.
“PGAS remains committed to maintaining operational reliability, strengthening integration of national gas infrastructure, and ensuring sustainable energy supply to customers throughout Indonesia,” Catur concluded.