Garuda Indonesia (GIAA) Maintains idBBB Rating from Pefindo

JAKARTA - PT Garuda Indonesia (Persero) Tbk (GIAA) has maintained its credit rating of idBBB from PT Pemeringkat Efek Indonesia (Pefindo), reflecting efforts to improve its financial foundations amid a business transformation phase. The rating indicates the company’s adequate ability to meet long-term financial obligations, even as the global aviation industry remains shadowed by economic and geopolitical dynamics. “The maintenance of this rating reflects the strengthening of our financial fundamentals, which we have been implementing consistently and measurably, from liquidity management, cost efficiency, to revenue optimisation,” said Garuda Indonesia’s Deputy Director Thomas Oentoro in a press statement on Tuesday (5/5/2026). “Amid ongoing global industry pressures, this achievement signals that our transformation direction is on track,” he added. The idBBB rating is based on the evaluation of the audited financial statements as of 31 December 2025, as well as projections of performance and the company’s sustainable transformation strategy. This rating is valid for the period from 15 April 2026 to 1 April 2027. In Pefindo’s classification, the idBBB rating indicates a stable credit profile with a still strong capacity to meet financial commitments, though it remains sensitive to external pressures such as global economic volatility and geopolitics. Operational transformation efforts continue to be implemented through six main pillars: Service Transformation & Customer Experience, Branding Transformation, Business Transformation, Operational Transformation, Digital Transformation, and Human Capital Reinvention. Through this strategy, the company targets measurable results while ensuring that long-term foundations remain built and increasingly competitive. In addition, cash and cash equivalents have increased to US$943.4 million or approximately Rp15.09 trillion, strengthening the company’s financial flexibility in maintaining operational continuity. Nevertheless, Pefindo emphasises the potential for a negative outlook in line with global industry pressures due to geopolitical situations. However, Garuda Indonesia still views future business prospects as maintained through strengthened financial structures and operational discipline. “We will continue to maintain this performance improvement momentum consistently,” said Thomas. “Our focus is not only on short-term stability but also on ensuring business sustainability through increasingly healthy and resilient financial structures via various initiatives we are running,” he concluded.