PEFINDO Confirms idAAA Rating for Tamaris Hidro Bonds
PEFINDO has affirmed an idAAA(sf) rating for Obligasi I (Bond I) of PT Tamaris Hidro (TYRO) issued in 2022. The instrument rating reflects a very strong structure supported by credit enhancement from PT Sarana Multi Infrastruktur (Persero) (SMII, idAAA/stable). The rating takes into account TYRO’s moderate financial profile and exposure to hydrological conditions.
The instrument rating could be downgraded if the credit enhancer’s rating is lowered or if TYRO utilises its non-revolving credit support facility beyond expected levels, leaving insufficient remaining facility to support the assigned rating protection.
PEFINDO considers that risks of delayed payment and default on bond principal and/or coupon payments can be mitigated by a subordinated credit facility of Rp750.0 billion from SMII as credit enhancer, coupled with cash flow waterfall mechanisms and reservations for coupon and principal repayment. Based on testing conducted, PEFINDO anticipates that TYRO will utilise a portion of SMII’s subordinated facility during certain periods to mitigate refinancing risk under the proposed transaction structure. The agency also views the transaction as based on a strong cash protection profile, supported by remaining adequate subordinated credit facility from SMII if required.
The cash waterfall mechanism ensures that accumulated cash flows are prioritised for bond coupon and bank loan payments. TYRO’s commitment to reserve coupon repayment funds once over and fully set aside principal payments three months before the maturity date provides additional cushion for the company’s bond debt repayment.
TYRO is the investment holding company for hydroelectric and mini-hydroelectric power generation projects. The company’s current power generation portfolio comprises 15 operating companies with total contracted capacity of 142.8 megawatts (MW). By installed capacity type, mini-hydroelectric generation accounts for 67.8%, whilst the remaining 32.2% comprises hydroelectric generation. TYRO also operates affiliated companies providing construction services for its projects and operation and maintenance services. As of 31 December 2025, shareholders consist of PT Tatajabar Sejahtera (85%, part of the Salim Group) and PT Tamaris Hijau Lestari (15%).
As credit enhancer, SMII was established to serve as a catalyst in accelerating infrastructure development in Indonesia by providing alternative financing sources for project financing and promoting public-private partnerships (PPP). SMII is fully owned by the Indonesian Government.