PEFINDO Affirms idBBB(sy) Ratings of Perkebunan Nusantara III’s Sukuk Ijarah and MTN Syariah Ijarah

Pemeringkat Efek Indonesia (PEFINDO) has affirmed the idBBB rating of Indonesian state-owned plantation company Perkebunan Nusantara III (PTPN), as well as several debt securities issued by the company. PTPN’s corporate rating outlook was maintained at ‘CreditWatch with Negative Implication’, as the company is still in the process of obtaining commitment from its lenders to restructure existing bank loans, which it is hoping to receive by early 2021.

According to an official statement, PEFINDO affirmed the idBBB(sy) rating of PTPN’s Sukuk Ijarah II Year 2019, which is made up of Series A (IDR 10 billion), Series C (IDR 150 billion), Series D (IDR 40 billion), Series E (IDR 200 billion), Series F (IDR 105 billion), Series G (IDR 465 billion) and Series H...