JAKARTA. The Indonesian Securities Rating Agency (Pefindo) has confirmed the idSD or Selective Default rating for PT Waskita Karya (Persero) Tbk (WSKT), following the companys financial profile which has not improved.
In its official statement a few days ago, Pefindo also confirmed that the rating for WSKTs Phase IV Shelf Registration Bonds was at an even lower level, namely idD. This rating was given because WSKT has not yet received restructuring approval from bondholders.
The companys rating reflects WSKTs very weak financial profile, said Pefindo, in its official statement.
Furthermore, Pefindo can revise the rating if WSKT has completed the restructuring program with bondholders. Apart from that, the rating can also be improved if the company shows its ability to meet its financial obligations in a sustainable manner.
For the record, the idSD rating is the second lowest rating given by Pefindo to certain companies or securities. Meanwhile, the idD rating is the first lowest rating given by Pefindo.
According to .com data, WSKT is an issuer in the construction sector owned by the Indonesian Government with a 75.35% stake. The companys debt to equity ratio as of June 30 2024 is at the level of 11.5x. (KR/LM)