PGN maintains "BBB-" credit rating with stable outlook from Fitch
Jakarta - PT Perusahaan Gas Negara Tbk (PGN), Pertamina’s gas subholding, has maintained its investment-grade credit rating at “BBB-” with a stable outlook from the international credit rating agency Fitch Ratings for both foreign currency and rupiah.
“This rating reflects the resilience of the company’s fundamental business, cash flow strength, and strategic position as the manager of Indonesia’s national natural gas infrastructure,” said PGN Finance Director Catur Dermawan in an official statement in Jakarta on Thursday.
Catur stated that the affirmation of the rating demonstrates the confidence of the global rating agency in the company’s business fundamentals and operational stability.
“This reaffirmation of the rating reflects PGN’s fundamental resilience supported by a strategic natural gas infrastructure portfolio, reliable operational performance, and disciplined financial management,” said Catur.
As the operator of more than 95 per cent of Indonesia’s natural gas infrastructure network, the company maintains extensive transmission and distribution networks, serving various strategic sectors including industry, power generation, commercial and residential consumers.
“This role makes PGN an important energy infrastructure operator within the national energy system and supports domestic energy security,” said Catur.
In 2025, PGN recorded revenues of $3.9 billion with EBITDA reaching $971.2 million, whilst maintaining a strong cash flow position of $1.3 billion.
This performance provides financial flexibility for the company to maintain operational stability whilst supporting natural gas infrastructure development in the future.
By the end of 2025, the interest coverage ratio improved to 17.44 times compared to 15.83 times previously, reflecting the company’s EBITDA capability in meeting interest obligations very adequately.
Additionally, the debt-to-equity ratio improved to 30.5 per cent from the previous 34.6 per cent, demonstrating prudent capital structure management and maintained financial discipline.
Going forward, Catur stated that the company will continue to strengthen its business fundamentals through optimising the utilisation of Indonesia’s natural gas infrastructure, integrating piped gas and LNG supply portfolios, and enhancing operational efficiency to maintain company performance sustainability.
“PGN is committed to continuing to maintain operational reliability, strengthen the integration of Indonesia’s natural gas infrastructure, and ensure sustainable energy supply for customers across Indonesia,” said Catur.