Fitch rates Pelabuhan Indonesia I AA(idn)

Fitch Ratings said it assigned a national long-term rating of AA(idn) to PT Pelabuhan Indonesia I (Persero) (Pelindo I), along with a national senior unsecured rating of AA(idn).

The outlook is stable.

The ratings reflect the company’s strategic location in Northern Sumatra, strong foothold within its area of operation and adequate financial profile, Fitch said.

The ratings are constrained by its smaller scale and exposure to more volatile types of cargo in comparison with its peers in Java, the agency said, and its large capital expenditure program.

The ratings also consider a one-notch uplift from Pelindo I’s standalone credit profile due to its linkage with the Indonesian sovereign, Fitch said.

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