Waskita Karya Bonds (WSKT) received idBBB + rating from Pefindo

Reporter: Dimas Andi | Editor: Anna Suci Perwitasari

KONTAN.CO.ID – JAKARTA. PT Waskita Karya (Persero) Tbk (WSKT) received idBBB + rating from the rating agency PT Pemeringkat Efek Indonesia (Pefindo) for the Sustainable Public Offering Bonds (PUB) I 2015 Series B worth IDR 1.15 trillion which will mature on 16 October 2020.

For the record, the affirmation of the bond rating was delivered by Pefindo through its press release on August 19, 2020.

The rating assigned to these bonds reflects the adequate liquidity capacity of WSKT to settle bond payment obligations and other short-term obligations. This is supported by the cash receipt target WSKT originating from project completion this year.

Also Read: The debt due Waskita Karya (WSKT) is Rp. 4.1 trillion. How are you ready?

Pefindo explained, WSKT will use internal cash which mostly comes from project payments turnkey to pay off the bonds that will mature. Pefindo also estimates WSKT will receive project payments totaling IDR 35 trillion in 2020 both from projects turnkey nor non turnkey.

Meanwhile, Director of Finance Waskita Karya Taufik Hendra Kusuma stated, as of June 30, 2020 WSKT has received funds of around IDR 12.5 trillion from project payments. From project payments that are done in person turnkey, WSKT has received around Rp. 7.1 trillion of which the largest portion comes from the Jakarta – Cikampek II Elevated toll road project.

“In addition to project payments, we are also targeting the return of land acquisition bailout funds from the State Asset Management Institute (LMAN) of around Rp 4 trillion this year,” he added in a press release received by Kontan.co.id, Sunday (23/8).