Maintaining idBBB Rating, Garuda Indonesia Strengthens Performance Foundations Amid Transformation Phase
PT Garuda Indonesia (Persero) Tbk has once again maintained its corporate rating at the ‘idBBB’ level from PT Pemeringkat Efek Indonesia (PEFINDO). This achievement indicates that the company is adequate in fulfilling its long-term financial obligations amid the still challenging dynamics of the global aviation industry.
Deputy Director of Garuda Indonesia, Thomas Oentoro, stated that the stability of this rating serves as an important indicator of the transformation progress being undertaken by the company.
“The maintenance of this rating reflects the strengthening of financial fundamentals that we have been carrying out consistently and measurably, starting from liquidity management, cost efficiency, to revenue optimisation. Amid the ongoing global industry pressures, this achievement is a signal that our transformation direction is on track,” said Thomas, quoted from his statement on Tuesday, 5 May 2026.
He explained that the rating is based on an evaluation of the audited financial statements as of 31 December 2025, as well as projections of the company’s performance and 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 capacity that remains strong to meet financial commitments, although it is still sensitive to external pressures such as economic volatility and global geopolitics.
Furthermore, Thomas added that this achievement also reflects increasing confidence from stakeholders in the company’s ability to maintain business stability and manage risks in a measured manner.
The company’s efforts to accelerate operational performance transformation are still ongoing to date as a sustainable fundamental. Through six transformation pillars focusing on Service Transformation & Customer Experience, Branding Transformation, Business Transformation, Operational Transformation, Digital Transformation, and Human Capital Reinvention, the company is expected to achieve measurable results, ensuring that the long-term foundation remains optimally built and increasingly competitive.
Fundamentally, Garuda Indonesia’s financial performance improvement is reflected in the return to a positive equity position of US$91.9 million at the end of 2025, as well as an increase in cash and cash equivalents to US$943.4 million. This improvement strengthens the company’s financial flexibility in maintaining operational continuity and supporting the long-term transformation agenda.