PEFINDO assigned its “idAAA” Ratings for PT Angkasa Pura I (Persero)'s Proposed Bond and Sukuk

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1. Press Release October 17 , 2016 PT Angkasa Pura I (Persero) Analysts: Martin Pandiangan / Yogie Surya Perdana Phone/Fax/E-mail: (62-21) 7278 2380 / 7278 2370 / martin.pandiangan@pefindo.co.id / yogie.perdana@pefindo.co.id CREDIT PROFILE Corporate Rating FINANCIAL HIGHLIGHTS AAA/Stable id Rated Issues Proposed Bond 2016 Proposed Sukuk Ijarah 2016 id idAAA AAA(sy) Rating Period August 24, 2016 – August 1, 2017 Rating History JUN 2016 id AAA/Stable 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] Jun-2016 Dec-2015 Dec-2014 Dec-2013 16,642.8 2,858.1 11,312.9 2,900.3 1,257.8 549.1 43.4 *1.1 0.3 *65.8 9.3 13,180 16,677.0 3,076.0 10,983.7 5,249.6 2,209.8 841.5 42.1 1.4 0.3 50.8 9.4 13,795 15,808.3 2,190.6 10,492.7 4,583.5 2,037.9 994.1 44.5 1.1 0.2 69.4 11.4 12,440 12,964.1 896.1 9,515.8 3,063.9 1,185.3 644.8 38.7 0.8 0.1 111.4 80.5 12,189 (Audited) (Audited) (Audited) (Audited) 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 *Annualized 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 assigned its “idAAA” ratings for PT Angkasa Pura I (Persero)’s proposed bond and sukuk PEFINDO has affirmed its “idAAA” rating to PT Angkasa Pura I (Persero) (AKP1). We have also assigned our “idAAA” rating to AKP1’s proposed Bond Year 2016 of IDR2.5 trillion and its “idAAA(sy)” rating to its proposed Sukuk Ijarah Year 2016 of IDR500.0 billion. The proceeds of the bond and sukuk will be used to finance its capital expenditure (capex) for airport expansions. The outlook for the corporate rating is “stable”. An obligor rated idAAA has the highest rating assigned by PEFINDO. The obligors’ capacity to meet its long-term financial commitment, relative to that of other Indonesian obligors, is superior. The suffix (sy) means the rating mandates compliance with Islamic principles. The ratings reflect strong government support for PT Angkasa Pura I (Persero) due to the strategic importance of airports, a strong competitive advantage from its economy of service area, and a stable profitability margin. However, the ratings are constrained by its high financial leverage in the near to medium term. The rating could be lowered if PEFINDO views a reduction in government support, such as through a material divestment of the government’s ownership. The rating could also be under pressure if it incurs a substantially larger debt than projected and/or its new airport expansions are not well executed, resulting in a weaker financial profile, particularly if its debt to EBITDA ratio exceeds 4.5x on a consistent basis. A state-owned enterprise engaged in airport and airport-related services in the central and eastern regions of Indonesia, PT Angkasa Pura I (Persero) operates 13 airports, including I Gusti Ngurah Rai International Airport in Bali and Juanda International Airport in East Java. It was 100% owned by Indonesian government as of June 30, 2016. http://www.pefindo.com October 2016
2. Press Release October 17 , 2016 DISCLAIMER PT Pemeringkat Efek Indonesia (PEFINDO) does not guarantee the accuracy, completeness, timeliness or availability of the contents of this report or publication. PEFINDO cannot be held liable for its use, its partial use, or its lack of use, in combination with other products or used solely, nor can it be held responsible for the result of its use or lack of its use in any investment or other kind of financial decision making on which this report or publication is based. In no event shall PEFINDO be held liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity costs in connection with any use of the contents of this report or publication. Credit analyses, including ratings, and statements in this report or publication are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment decision. The contents cannot be a substitute for the skill, judgment and experience of its users, its management employees and/or clients in making investment or other business decisions. PEFINDO also assumes no obligation to update the content following publication in any form. PEFINDO does not act as fiduciary or an investment advisor. While PEFINDO has obtained information from sources it believes to be reliable, PEFINDO does not perform an audit and does not undertake due diligence or independent verification of any information used as the basis of and presented in this report or publication. PEFINDO keeps the activities of its analytical units separate from its business units to preserve independence and objectivity of its analytical processes and products. As a result, certain units of PEFINDO may have information that is not available to other units. PEFINDO has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. PEFINDO may receive compensation for its ratings and other analytical work, normally from issuers of securities. PEFINDO reserves the right to disseminate its opinions and analyses. PEFINDO’s public ratings and analyses are made available on its website, http://www.pefindo.com (free of charge) and through other subscription-based services, and may be distributed through other means, including via PEFINDO publications and third party redistributors. Information in PEFINDO’s website and its use fall under the restrictions and disclaimer stated above. Reproduction of the content of this report, in full or in part, is subject to written approval from PEFINDO. http://www.pefindo.com October 2016