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Ratings Report

Ratings Report

Peringkat Kredit adalah opini PEFINDO atas kelayakan kredit atas suatu obligor, atau kelayakan kredit obligor terkait suatu surat utang atau kewajiban keuangan lainnya.

Ratings Report

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Industri Kereta Api (Persero)

(INKA)

Corporate Rating/Outlook idA- Stable Updated on 12 Nov 2025

Press Release

To
Release Date Title
9 May 2017 PEFINDO assigns "idA" ratings to PT Industri Kereta Api (Persero) and its MTN
15 May 2018 PEFINDO lowers the ratings of PT Industri Kereta Api (Persero) and its MTN to "idA-" and revises the outlook to "Negative"
6 May 2019 PT Industri Kereta Api (Persero)'s corporate rating outlook revised to "stable", "idA-" rating affirmed
3 Dec 2019 PEFINDO affirms its "idA-" rating to PT Industri Kereta Api Indonesia (Persero)
25 Feb 2020 PEFINDO assigns "idA-(sy)" rating to PT Industri Kereta Api (Persero)'s Sukuk Mudharabah I 2020
23 Sep 2020 Ratings of PT Industri Kereta Api Indonesia (Persero) lowered to "idBBB+" and its Sukuk Mudharabah lowered to "idBBB+(sy)", outlook revised to negative
11 Dec 2020 PEFINDO affirms "idBBB+" rating for PT Industri Kereta Api Indonesia (Persero) and "idBBB+(sy)" rating for its Sukuk Mudharabah, outlook remains negative
10 Dec 2021 PT Industri Kereta Api Indonesia (Persero) rated "idBBB+" with "negative" outlook
13 May 2022 PT Industri Kereta Api Indonesia (Persero) rated "idBBB+", outlook revised to stable
3 Feb 2023 PEFINDO has affirmed its "idBBB+" ratings for PT Industri Kereta Api (Persero) (INKA) and "idBBB+(sy)" for its Sukuk Mudharabah I/2020
12 May 2023 PEFINDO has affirmed its “idBBB+” rating for PT Industri Kereta Api (Persero) (INKA) and “idBBB+(sy)” rating for its Sukuk Mudharabah I/2020
14 May 2024 PEFINDO has raised the rating for PT Industri Kereta Api (Persero) (INKA) to idA- from idBBB+
11 Dec 2024 PT Industri Kereta Api (Persero) (INKA)’s following debt instrument will mature in the near term: Sukuk Mudharabah I INKA Tahun 2020 (rated idA-(sy)) of IDR300 billion maturing on February 24, 2025
19 Dec 2024 With the full repayment of Sukuk Mudharabah I INKA Tahun 2020 on December 19, 2024, issued by PT Industri Kereta Api (Persero), PEFINDO has withdrawn the rating of the debt instrument
12 Nov 2025 PEFINDO has assigned its idA- rating with stable outlook for PT Industri Kereta Api (Persero) (INKA)

Rating Rationale

To
Release Date Title
9 May 2017 PEFINDO assigns "idA" ratings to PT Industri Kereta Api (Persero) and its MTN
15 May 2018 PEFINDO lowers the ratings of PT Industri Kereta Api (Persero) and its MTN to "idA-" and revises the outlook to "Negative"
6 May 2019 PT Industri Kereta Api (Persero)'s corporate rating outlook revised to "stable", "idA-" rating affirmed
3 Dec 2019 PEFINDO affirms its "idA-" rating to PT Industri Kereta Api Indonesia (Persero)
25 Feb 2020 PEFINDO assigns "idA-(sy)" rating to PT Industri Kereta Api (Persero)'s Sukuk Mudharabah I 2020
21 Oct 2020 Rating of PT Industri Kereta Api Indonesia (Persero) lowered to "idBBB+"
28 Dec 2020 PEFINDO affirms "idBBB+" rating for PT Industri Kereta Api Indonesia (Persero) and "idBBB+(sy)" rating for its Sukuk, outlook remains negative
10 Dec 2021 PT Industri Kereta Api Indonesia (Persero) rated "idBBB+" with "negative" outlook
13 May 2022 PT Industri Kereta Api Indonesia (Persero) rated "idBBB+", outlook revised to stable
8 Jun 2023 PEFINDO has affirmed its “idBBB+” rating for PT Industri Kereta Api (Persero) (INKA) and “idBBB+(sy)” rating for its Sukuk Mudharabah I/2020
29 May 2024 PEFINDO has raised the rating for PT Industri Kereta Api (Persero) (INKA) to idA- from idBBB+
12 Nov 2025 PEFINDO has assigned its idA- rating with stable outlook for PT Industri Kereta Api (Persero) (INKA)