Pefindo Assigns idBBB Rating to Garuda Indonesia (GIAA) with Negative Outlook

JAKARTA. PT Pemeringkat Efek Indonesia (Pefindo) has assigned an idBBB rating to PT Garuda Indonesia (Persero) Tbk (GIAA). “Pefindo has assigned an idBBB rating with a negative outlook to PT Garuda Indonesia (Persero) Tbk (GIAA),” stated Tsanya Chindra and Yogie Perdana, Pefindo analysts, in an official statement on Wednesday (29/4/2026). The negative outlook reflects the increasing exposure to risks from fuel price volatility triggered by geopolitical tensions, which could further pressure the company’s already weak financial profile. The rating takes into account GIAA’s strategic role for the Indonesian government, strong business position, and comprehensive route network. “We may downgrade the rating if operational performance weakens significantly due to a decline in passenger demand, pressure on yields, or material cost increases. Particularly due to prolonged fuel price volatility, which ultimately pressures profitability and cash flow,” Pefindo wrote in its report. Pefindo stated that a reassessment of the rating could also be conducted if there are indications of weakening government support. Thus, risks from fuel price volatility and industry cycles are more contained within the current rating category.