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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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Permodalan Nasional Madani

(PNMP)

Corporate Rating/Outlook idAAA Stable Updated on 21 Mar 2025

Press Release

To
Release Date Title
17 Sep 2012 PNMP's ratings assigned at "idA"
31 Jan 2013 PEFINDO's Government-Related Entities Rating Methodology
27 Jun 2013 PNMP's ratings affirmed at "idA"
14 Apr 2014 PNMP's ratings affirmed at idA
15 Sep 2014 PNMP's ratings affirmed at idA
29 Dec 2014 PNMP's ratings affirmed at idA
8 Sep 2015 PNMP's ratings affirmed at idA
14 Sep 2016 PEFINDO affirms "idA" rating for PT Permodalan Nasional Madani (Persero)
13 Apr 2017 PEFINDO affirms "idA" rating for PT Permodalan Nasional Madani (Persero)
7 Jun 2017 PEFINDO assigns "idA" rating to PT Permodalan Nasional Madani (Persero)'s Bond Issuance Plan
4 Sep 2017 PEFINDO affirms "idA" ratings for PT Permodalan Nasional Madani (Persero) and its maturing bond
30 Nov 2017 Rating for PT Permodalan Nasional Madani (Persero)'s maturing bond affirmed at "idA"
9 Mar 2018 PNMP's rating affirmed at "idA"
16 Mar 2018 PT Permodalan Nasional Madani (Persero)'s MTN rating assigned at "idA"
21 Jun 2018 Rating for PT Permodalan Nasional Madani (Persero)'s maturing bond affirmed at "idA"
3 Aug 2018 PNMP's rating affirmed at "idA"
8 Aug 2018 PEFINDO assigns "idA" rating for PT Permodalan Nasional Madani (Persero)'s MTN 2018
12 Dec 2018 PNMP's rating affirmed at "idA"
9 Jan 2019 PNMP's rating affirmed at "idA"
27 Mar 2019 PNMP's new Sukuk Mudharabah II/2018 rating is assigned at "idA(sy)"
24 May 2019 PNMP's new Shelf Registration Bond III/2019 rating is assigned at "idA"
31 May 2019 PNM's rating affirmed at "idA"
19 Jun 2019 PNMP's new Sukuk Mudharabah III/2019 rating is assigned at "idA(sy)"
30 Jul 2019 Rating for PT Permodalan Nasional Madani (Persero)'s maturing Sukuk affirmed at "idA(sy)" and its maturing bond affirmed at "idA"
25 Oct 2019 PNM's rating raised to "idA+" from "idA"
12 May 2020 PNM's rating affirmed at idA+, outlook revised to "negative"
20 Jul 2020 Rating for PT Permodalan Nasional Madani (Persero)'s maturing MTN affirmed at "idA+"
25 Aug 2020 PNM rated "idA+" with negative outlook
27 Oct 2020 PNM's Sukuk Mudharabah IV Year 2020 assigned at "idA+(sy)", outlook maintained at "negative"
1 Dec 2020 Rating for PT Permodalan Nasional Madani (Persero)'s maturing Sukuk affirmed at "idA+(sy)"
11 Jan 2021 Rating for PT Permodalan Nasional Madani (Persero)'s maturing debt instruments affirmed at "idA+"
10 Feb 2021 PNM's rating affirmed at idA+, outlook revised to "stable" from "negative"
25 May 2021 PNM's Sukuk Mudharabah IV rating affirmed at idA+(sy)
21 Jul 2021 PNM rated idA+, outlook revised to "positive"
6 Sep 2021 PNM's maturing debt instruments rated "idA+"
21 Sep 2021 PNM's rating raised to "idAA", following the establishment of ultra-micro holding company
14 Dec 2021 PNM's Shelf Registration Bond IV/2021 rated "idAA"
27 Dec 2021 PNM's maturing debt instruments rated "idAA"
29 Mar 2022 PNM's maturing debt instrument affirmed at "idAA"
20 Apr 2022 PEFINDO affirmed PNM rating at "idAA"
12 Jul 2022 PEFINDO has withdrawn the rating of Obligasi Berkelanjutan II PNM Tahap I Tahun 2017 Seri B based on the full repayment of the debt instrument
18 Jul 2022 PEFINDO has withdrawn the rating of Sukuk Mudharabah Berkelanjutan I PNM Tahap I Tahun 2021 Seri A the full repayment of the debt instrument
27 Jul 2022 PEFINDO has assigned its "idAA(sy)" rating to PT Permodalan Nasional Madani (PNM)'s Sukuk Mudharabah Medium Term V Year 2022 with maximum amount of IDR3.0 trillion
16 Aug 2022 PEFINDO has assigned its "idAA" rating to PT Permodalan Nasional Madani (PNM)'s proposed Shelf Registered Bond V with maximum amount of IDR10.0 trillion
29 Aug 2022 PEFINDO has affirmed its "idAA" rating for PNM Shelf Registered Bond III Phase II/2019 Series A and PEFINDO has also affirmed its "idAA(sy)" ratings for PNM Shelf Registered Sukuk Mudharabah III Year 2019 Series B, Series E, and Series E Phase II
18 Oct 2022 PEFINDO has affirmed its "idAA" rating for PT Permodalan Nasional Madani's (PNM) Shelf Registered Bond V Phase I/2021 Series A of IDR1.0 trillion, which will mature on December 20, 2022
31 Oct 2022 PEFINDO has withdrawn the ratings of Sukuk Mudharabah III PT Permodalan Nasional Madani (Persero) Tahun 2019 Seri B, Sukuk Mudharabah III PT Permodalan Nasional Madani (Persero) Tahun 2019 Seri E, and Sukuk Mudharabah III PT Permodalan Nasional Madani (Pe
28 Nov 2022 PEFINDO has withdrawn the rating of Obligasi Berkelanjutan III PNM Tahap II Tahun 2019 Seri A issued by PT Permodalan Nasional Madani based on the full repayment of the debt instrument on November 28, 2022
14 Dec 2022 PEFINDO has affirmed its "idAA(sy)" ratings for PT Permodalan Nasional Madani's (PNM) Shelf Registered Sukuk Mudharabah III/2019 Series C, F, and F Phase II totaling IDR650.0 billion
20 Dec 2022 PEFINDO has withdrawn the rating of Obligasi Berkelanjutan IV PNM Tahap I Tahun 2021 Seri A based on the full repayment of the debt instrument
3 Feb 2023 PEFINDO has affirmed its "idAA" ratings for PT Permodalan Nasional Madani's (PNM) Shelf Registered Bond II/2018 Phase II Series B and Shelf Registered Bond III/2020 Phase III Series A
20 Feb 2023 PEFINDO has withdrawn the ratings of Sukuk Mudharabah III PT Permodalan Nasional Madani (Persero) Tahun 2019 Seri F, Sukuk Mudharabah III PT Permodalan Nasional Madani (Persero) Tahun 2019 Seri C and Sukuk Mudharabah III PT Permodalan Nasional Madani (Per
24 Feb 2023 PEFINDO has affirmed its "idAA" rating for PT Permodalan Nasional Madani's (PNM) Shelf Registered Bond IV/2022 Phase II Series A
5 Apr 2023 PEFINDO has raised the ratings of PT Permodalan Nasional Madani (PNM) to “idAA+” from “idAA”.
13 Apr 2023 With the full repayment of Obligasi Berkelanjutan II PNM Tahap II Tahun 2018 Seri B on April 13, 2023, PEFINDO has withdrawn the rating of the debt instrument
2 May 2023 With the full repayment of Obligasi Berkelanjutan III PNM Tahap III Tahun 2020 Seri A and Obligasi Berkelanjutan IV PNM Tahap II Tahun 2022 Seri A on May 2, 2023, PEFINDO has withdrawn the ratings of the debt instruments
20 Jun 2023 PEFINDO has affirmed its “idAA+” rating for PT Permodalan Nasional Madani’s (PNM) Shelf Registered Bond V/2022 Phase I Series A amounting to IDR884.0 billion that will mature on August 21, 2023
3 Jul 2023 With the full repayment of Sukuk Mudharabah IV PT Permodalan Nasional Madani (Persero) Tahun 2020 Seri C on July 3, 2023, PEFINDO has withdrawn the rating of the debt instrument
17 Jul 2023 PEFINDO has affirmed its “idAA+(sy)” rating for PT Permodalan Nasional Madani’s (PNM) Sukuk Mudharabah V/2022 Series B amounting to IDR276.5 billion that will mature on September 25, 2023.
11 Aug 2023 PEFINDO has affirmed its “idAA+(sy)” rating for PT Permodalan Nasional Madani’s (PNM) Sukuk Mudharabah IV/2020 Phase I Series A amounting to IDR200.0 billion that will mature on October 27, 2023
21 Aug 2023 With the full repayment of Obligasi Berkelanjutan V PNM Tahap I Tahun 2022 Seri A issued by PT Permodalan Nasional Madani on August 21, 2023, PEFINDO has withdrawn the rating of the debt instrument
26 Sep 2023 With the full repayment of Sukuk Mudharabah Jangka Menengah V PT Permodalan Nasional Madani Tahun 2022 Seri B issued by PT Permodalan Nasional Madani on September 25, 2023, PEFINDO has withdrawn the rating of the debt instrument
29 Sep 2023 PEFINDO has affirmed its “idAA+” rating for PT Permodalan Nasional Madani’s (PNM) Shelf Registered Bond III/2020 Phase IV Series B amounting to IDR537.0 billion that will mature on December 4, 2023. At the same time, PEFINDO affirmed its “idAA+(sy)” ratin
27 Oct 2023 With the full repayment of Sukuk Mudharabah IV PT Permodalan Nasional Madani (Persero) Tahun 2020 Tahap I Seri A issued by PT Permodalan Nasional Madani on October 27 2023, PEFINDO has withdrawn the rating of the debt instrument
6 Nov 2023 PEFINDO has affirmed its “idAA+(sy)” rating for PT Permodalan Nasional Madani’s (PNM) Sukuk Mudharabah IV/2020 Series A and Series D totaling IDR1,020.0 billion that both sukuk will mature on January 19, 2024
5 Dec 2023 With the full repayment of Obligasi Berkelanjutan III PNM Tahap IV Tahun 2020 Seri B on December 4, 2023, PEFINDO has withdrawn the rating of the debt instrument
15 Dec 2023 With the full repayment of Sukuk Mudharabah III PT Permodalan Nasional Madani (Persero) Tahun 2019 Seri H on December 15, 2023, PEFINDO has withdrawn the rating of the debt instrument
29 Dec 2023 PEFINDO has affirmed its “idAA+” rating for PT Permodalan Nasional Madani’s (PNM) Shelf Registered Bond III/2021 Phase V Series B amounting IDR159.0 billion that will mature on March 17, 2024
19 Jan 2024 With the full repayment of Sukuk Mudharabah IV PT Permodalan Nasional Madani (Persero) Tahun 2020 Seri A and Sukuk Mudharabah IV PT Permodalan Nasional Madani (Persero) Tahun 2020 Seri D on January 19, 2023, PEFINDO has withdrawn the ratings of the debt i
7 Feb 2024 PEFINDO has affirmed its “idAA+(sy)” rating for PT Permodalan Nasional Madani’s (PNM) Shelf Registered Sukuk Mudharabah I/2023 Phase II Series A amounting IDR626.0 billion that will mature on April 21, 2024
13 Mar 2024 With the full repayment of Sukuk Mudharabah IV PT Permodalan Nasional Madani (Persero) Tahun 2020 Seri B on March 13, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
18 Mar 2024 With the full repayment of Obligasi Berkelanjutan III PNM Tahap V Tahun 2021 Seri B on March 18, 2024, PEFINDO has withdrawn the rating of the debt instrument
26 Mar 2024 PEFINDO has affirmed its idAA+ rating for PT Permodalan Nasional Madani’s (PNM) Shelf Registered Bond III Phase I/2019 Series B amounting to IDR599.0 billion that will mature on May 28, 2024, and its idAA+(sy) ratings for PNM’s Sukuk Mudharabah V/2022 Ser
5 Apr 2024 PT Permodalan Nasional Madani (PNM) rated idAA+ with stable outlook
22 Apr 2024 With the full repayment of Sukuk Mudharabah Berkelanjutan I PNM Tahap II Tahun 2023 Seri A on April 22, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
29 May 2024 With the full repayment of Obligasi Berkelanjutan III PNM Tahap I Tahun 2019 Seri B on May 28, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
5 Jun 2024 With the full repayment of Sukuk Mudharabah Jangka Menengah V PT Permodalan Nasional Madani Tahun 2022 Seri C on June 5, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
19 Jun 2024 With the full repayment of Sukuk Mudharabah III PT Permodalan Nasional Madani (Persero) Tahun 2019 Tahap I on June 19, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
8 Jul 2024 With the full repayment of Sukuk Mudharabah Berkelanjutan I PNM Tahap I Tahun 2021 Seri B on July 8, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
22 Jul 2024 With the full repayment of Sukuk Mudharabah Jangka Menengah V PT Permodalan Nasional Madani Tahun 2022 Seri A on July 22, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
9 Aug 2024 PT Permodalan Nasional Madani (PNM)’s Shelf Registered Bond III Phase II/2019 Series B amounting to IDR763.5 billion (rated idAA+) will mature on November 28, 2024
22 Aug 2024 PT Permodalan Nasional Madani (PNM)’s Shelf Registered Bond IV Phase I/2021 Series B amounting to IDR1.0 trillion (rated idAA+) will mature on December 10, 2024
23 Aug 2024 PT Permodalan Nasional Madani (PNM) rated idAA+ with stable outlook. PEFINDO has also assigned its idAA+(sy) rating to PNM’s proposed Sukuk Mudharabah Medium Term VI
28 Nov 2024 With the full repayment of Obligasi Berkelanjutan III PNM Tahap II Tahun 2019 Seri B on November 28, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
10 Dec 2024 With the full repayment of Obligasi Berkelanjutan IV PNM Tahap I Tahun 2021 Seri B on December 10, 2024, issued by PT Permodalan Nasional Madani, PEFINDO has withdrawn the rating of the debt instrument
16 Dec 2024 PT Permodalan Nasional Madani (PNM) rated idAA+ with stable outlook
20 Dec 2024 PT Permodalan Nasional Madani (PNM)’s Shelf Registered Bond V Phase II/2024 Series A amounting to IDR1.335,2 billion (rated idAA+) will mature on March 30, 2025
14 Jan 2025 PT Permodalan Nasional Madani (PNM)’s following debt instruments will mature in April 2025: Shelf Registered Bond IV Phase II Year 2022 Series B amounting to IDR626.5 billion, will mature on April 22, 2025 (rated idAA+)
21 Mar 2025 PEFINDO has raised PT Permodalan Nasional Madani’s (PNM) rating to idAAA from idAA+.
8 Apr 2025 PT Permodalan Nasional Madani has fully repaid its Obligasi Berkelanjutan V PNM Tahap II Tahun 2024 Seri A
11 Apr 2025 PT Permodalan Nasional Madani (PNM)’s Shelf Registered Sukuk Mudharabah I Phase III Year 2024 Series A (rated idAAA(sy)) of IDR169.1 billion will be due on July 22, 2025
22 Apr 2025 PT Permodalan Nasional Madani has fully repaid its Obligasi Berkelanjutan IV PNM Tahap II Tahun 2022 Seri B
30 Apr 2025 PT Permodalan Nasional Madani has fully repaid its Obligasi Berkelanjutan III PNM Tahap III Tahun 2020 Seri B
5 May 2025 PT Permodalan Nasional Madani (PNM)’s Shelf Registered Bond V Phase I Year 2022 Series B (rated idAAA) of IDR116.0 billion will be due on August 11, 2025
18 Jun 2025 PEFINDO has assigned its idAAA(sy) rating for PT Permodalan Nasional Madani (PNM)’s proposed Sukuk Mudharabah Medium Term VII with the maximum amount issuance of IDR6.0 trillion
3 Jul 2025 PEFINDO has assigned its idAAA and idAAA(sy) ratings to PT Permodalan Nasional Madani (PNM)’s proposed Shelf Registered Social Orange Bond I with the maximum issuance amount of IDR6.0 trillion and Shelf Registered Sukuk Mudharabah Social Orange I with the
22 Jul 2025 PT Permodalan Nasional Madani has fully repaid its Sukuk Mudharabah Berkelanjutan I PNM Tahap III Tahun 2024 Seri A
25 Jul 2025 PT Permodalan Nasional Madani (PNM)’s Sukuk Mudharabah Medium Term VI Phase I Year 2024 (rated idAAA(sy)) of IDR500.0 billion will be due on September 2, 2025
11 Aug 2025 PT Permodalan Nasional Madani has fully repaid its Obligasi Berkelanjutan V PNM Tahap I Tahun 2022 Seri B
2 Sep 2025 PT Permodalan Nasional Madani has fully repaid its Sukuk Mudharabah Jangka Menengah VI PT Permodalan Nasional Madani Tahun 2024 Tahap I
11 Sep 2025 PT Permodalan Nasional Madani (PNMP)’s following debt instruments will mature in the near term: Shelf Registered Bond III Phase IV Year 2020 Series C (rated idAAA) of IDR292.0 billion will be due on December 4, 2025

Rating Rationale

To
Release Date Title
17 Sep 2012 PNMP's ratings assigned at "idA"
27 Jun 2013 PNMP's ratings affirmed at "idA"
14 Apr 2014 PNMP's ratings affirmed at idA
29 Dec 2014 PNMP's ratings affirmed at idA
7 Jun 2017 PEFINDO affirms "idA" rating for PT Permodalan Nasional Madani (Persero)
4 Sep 2017 PEFINDO affirms "idA" ratings for PT Permodalan Nasional Madani (Persero) and its maturing bond
9 Mar 2018 PNMP's rating affirmed at "idA"
8 Aug 2018 PEFINDO assigns "idA" rating for PT Permodalan Nasional Madani (Persero)'s MTN 2018
27 Mar 2019 PNM's new Sukuk Mudharabah II/2018 rating is assigned at "idA(sy)"
24 May 2019 PNM's Shelf Registration Bond III/2019 rating is assigned at "idA"
31 May 2019 PNM's rating affirmed at "idA"
19 Jun 2019 PNMP's new Sukuk Mudharabah III/2019 rating is assigned at "idA(sy)"
25 Oct 2019 PNM's rating raised to "idA+" from "idA"
12 May 2020 PNM's rating affirmed at idA+, outlook revised to "negative"
25 Aug 2020 PNM rated "idA+" with negative outlook
27 Oct 2020 PNM's Sukuk Mudharabah IV Year 2020 rated "idA+(sy)", outlook "negative"
10 Feb 2021 PNM's rating affirmed at idA+, outlook revised to "stable" from "negative"
16 Aug 2021 PNM's rating affirmed at idA+, with "positive" outlook following holding process
21 Sep 2021 PNM's rating raised to "idAA", following the establishment of ultra-micro holding company
14 Dec 2021 PNM's Shelf Registration Bond IV/2021 rated "idAA"
20 Apr 2022 PEFINDO affirmed PNM rating at "idAA"
27 Jul 2022 PEFINDO has assigned its "idAA(sy)" rating to PT Permodalan Nasional Madani (PNM)'s Sukuk Mudharabah Medium Term V Year 2022 with maximum amount of IDR3.0 trillion
16 Aug 2022 PEFINDO has assigned its "idAA" rating to PT Permodalan Nasional Madani (PNM)'s proposed Shelf Registered Bond V with maximum amount of IDR10.0 trillion
9 May 2023 PEFINDO has raised the rating of PT Permodalan Nasional Madani (PNM) to “idAA+” from “idAA
6 May 2024 PT Permodalan Nasional Madani (PNM) rated idAA+ with stable outlook
23 Aug 2024 PT Permodalan Nasional Madani (PNM) rated idAA+ with stable outlook. PEFINDO has also assigned its idAA+(sy) rating to PNM’s proposed Sukuk Mudharabah Medium Term VI
3 Jan 2025 PT Permodalan Nasional Madani (PNM) rated idAA+ with stable outlook
21 Apr 2025 PEFINDO has raised PT Permodalan Nasional Madani’s (PNM) rating to idAAA from idAA+.
18 Jun 2025 PEFINDO has assigned its idAAA(sy) rating for PT Permodalan Nasional Madani (PNM)’s proposed Sukuk Mudharabah Medium Term VII with the maximum amount issuance of IDR6.0 trillion
3 Jul 2025 PEFINDO has assigned its idAAA and idAAA(sy) ratings to PT Permodalan Nasional Madani (PNM)’s proposed Shelf Registered Social Orange Bond I with the maximum issuance amount of IDR6.0 trillion and Shelf Registered Sukuk Mudharabah Social Orange I with the