PEFINDO Affirms the Ratings of Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara and its Bond at “idAAA”, and its Sukuk at “idAAA(sy)”

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1. Press Release April 12 , 2018 PERUSAHAAN PERSEROAN (PERSERO) PT PERUSAHAAN LISTRIK NEGARA Analysts: Martin Pandiangan/Niken Indriarsih Phone/Fax/E-mail: (62-21) 72782380/72782370/martin.pandiangan@pefindo.co.id/niken.indriarsih@pefindo.co.id CREDIT PROFILE Corporate Rating FINANCIAL HIGHLIGHTS id AAA/Stable Rated Issues Shelf-reg Bond II/2017 Shelf-reg Sukuk II/2017 Bond VIII – XII Sukuk Ijarah IV - V Shelf-registered Bond I/2013 Shelf-registered Sukuk I/2013 idAAA AAA(sy) idAAA idAAA(sy) idAAA idAAA(sy) id Rating Period April 10, 2018 – April 1, 2019 Rating History APR 2017 MAY 2013-2016 JAN 2013 2010 - 2012 2008 - 2009 2005 - 2007 AAA/Stable idAAA/Stable idAAA/Stable idAA+/Stable idAA-/Stable idA/Stable id As of/for the year ended Total Adjusted Assets [IDR Bn] Total Adjusted Debt [IDR Bn] Total Adjusted Equity [IDR Bn] Total Sales [IDR Bn] EBITDA [IDR Bn] Net Income after MI [IDR Bn] EBITDA Margin [%] Adjusted Debt/EBITDA [X] Adjusted Debt/Adjusted Equity [X] FFO/Adjusted Debt [%] EBITDA/IFCCI [X] USD Exchange Rate [IDR/USD] Dec-2017 Dec-2016 1,334,219.9 316,995.1 868,678.8 301,033.5 55,005.6 4,410.2 18.3 5.8 0.4 10.2 2.4 13,548 1,271,552.6 274,514.1 877,774.1 280,865.2 54,203.5 8,113.7 19.3 5.1 0.3 12.0 2.5 13,436 (Audited) (Audited) Dec-2015 Dec-2014 (Audited) 1,313,560.9 382,731.5 803,980.6 273,899.5 73,945.5 6,010.6 27.0 5.2 0.5 8.1 1.7 13,795 (Audited) 607,448.3 340,327.6 152,462.1 292,721.2 68,674.1 11,054.2 23.5 5.0 2.2 8.8 1.8 12,440 FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense EBITDA = Operating Profit + Depreciation Expense + Amortization Expense IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included) MI = Minority Interest The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have been reclassified according to PEFINDO’s definitions. PEFINDO affirms the ratings of Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara and its Bond at “idAAA”, and its Sukuk at “idAAA(sy)” PEFINDO has affirmed its “idAAA” ratings for Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara (PPLN) and its bonds (VIII/2006 Seri B, IX/2007 Seri B, XI/2010 Seri B, XII/2010 Seri B, Shelf-Registered Bond I/2013, and Shelf-Registered Bond II/2017), and the “idAAA(sy)” ratings for PPLN’s Sukuk Ijarah (IV/2010 Seri B, V/2010 Seri B, Shelf-Registered I/2013, and Shelf-Registered II/2017). The outlook for the corporate rating is “stable”. An obligor rated idAAA has PEFINDO’s highest rating. Its capacity to meet its long-term financial commitments, relative to that of other Indonesian obligors, is superior. The corporate rating reflects PPLN’s strong and proven support from the Indonesian government, its strong financial flexibility, superior market position, and the growing domestic demand for electricity. The rating is constrained by its capital structure and cash flow protection that will remain aggressive to support its significant capital expenditure plan. The rating could be lowered if PEFINDO assesses a material reduction of support from the government. PPLN is a wholly owned state company engaged in the generation, transmission, and distribution of electricity throughout the country. It is the only integrated electricity producer in Indonesia, with an installed capacity of 42,656 megawatts (MW) (including rental) at the end of 2017. http://www.pefindo.com April 2018
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