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Ratings Report

Ratings Report

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Ratings Report

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Indah Kiat Pulp and Paper Tbk.

(INKP)

Corporate Rating/Outlook idA+ Stable Updated on 13 Jun 2025

Press Release

To
Release Date Title
5 May 2020 PEFINDO assigns "idA+" ratings for PT Indah Kiat Pulp and Paper Tbk and its proposed Shelf Registered Bond I
4 Mar 2021 PEFINDO affirms "idA+" ratings for PT Indah Kiat Pulp and Paper Tbk and its bond
20 May 2021 PEFINDO affirms "idA+" rating for maturing bond of PT Indah Kiat Pulp and Paper Tbk
24 Jun 2021 PT Indah Kiat Pulp and Paper Tbk rated "idA+" with stable outlook
22 Jul 2021 PEFINDO affirms "idA+" rating for maturing bond of PT Indah Kiat Pulp and Paper Tbk
18 Oct 2021 PEFINDO affirms "idA+" rating for maturing bond of PT Indah Kiat Pulp and Paper Tbk
28 Jan 2022 PEFINDO affirms "idA+" rating for maturing bond of PT Indah Kiat Pulp and Paper Tbk
18 Apr 2022 PT Indah Kiat Pulp and Paper Tbk rated "idA+", outlook revised to "positive"
29 Jul 2022 PEFINDO has affirmed its "idA+" ratings for PT. Indah Kiat Pulp and Paper Tbk (INKP)'s Shelf Registered Bond II/2021 Phase I Serie A of IDR1.5 trillion and Shelf Registered Sukuk Mudharabah I/2021 Phase I Serie A of IDR500 billion
6 Aug 2022 PEFINDO has assigned its "idA+" rating to PT. Indah Kiat Pulp and Paper Tbk (INKP)'s Bond III Year 2022 with a maximum amount of IDR7 trillion and its "idA+(sy)" rating for its Sukuk Mudharabah II Year 2022 of up to IDR3 trillion
10 Oct 2022 Obligasi Berkelanjutan II Indah Kiat Pulp & Paper Tahap I Tahun 2021 Seri A and Sukuk Mudharabah Berkelanjutan I Indah Kiat Pulp & Paper Tahap I Tahun 2021 Seri A based on the full repayment of the debt instrument on October 10, 2022.
18 Oct 2022 PEFINDO has affirmed its "idA+" ratings for PT. Indah Kiat Pulp and Paper Tbk (INKP)'s Shelf Registered Bond II/2021 Phase II Serie A of IDR769.8 billion and Shelf Registered Sukuk Mudharabah I/2021 Phase II Serie A of IDR187.2 billion
30 Nov 2022 PEFINDO has affirmed its "idA+" rating for PT Indah Kiat Pulp and Paper Tbk (INKP)'s Shelf Registered Bond II/2022 Phase III Serie A of IDR707.9 billion and its "idA+(sy)" rating for its Shelf Registered Sukuk Mudharabah I/2022 Phase III Serie A
19 Dec 2022 PEFINDO has withdrawn the ratings of Obligasi Berkelanjutan II Indah Kiat Pulp & Paper Tahap II Tahun 2021 Seri A and Sukuk Mudharabah Berkelanjutan I Indah Kiat Pulp & Paper Tahap II Tahun 2021 Seri A based on the full repayment of the debt instrument
6 Mar 2023 With the full repayment of Obligasi Berkelanjutan II Indah Kiat Pulp & Paper Tahap III Tahun 2022 Seri A and Sukuk Mudharabah Berkelanjutan I Indah Kiat Pulp & Paper Tahap III Tahun 2022 Seri A on March 6, 2023, PEFINDO has withdrawn the ratings o
14 Mar 2023 PEFINDO has affirmed its “idA+” rating to PT. Indah Kiat Pulp and Paper Tbk (INKP) and revised its outlook to “stable” from “positive”
25 May 2023 PEFINDO has affirmed its “idA+” rating for PT Indah Kiat Pulp and Paper Tbk (INKP)’s Shelf Registered Bond III/2022 Phase I Serie A and its “idA+(sy)” rating for its Shelf Registered Sukuk Mudharabah II/2022 Phase I Serie A
5 Jun 2023 With the full repayment of Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap I Tahun 2020 Seri B on June 5, 2023, PEFINDO has withdrawn the rating of the debt instrument
6 Jul 2023 PEFINDO has assigned its “idA+” rating to PT. Indah Kiat Pulp and Paper Tbk (INKP)’s Bond IV Year 2023 with a maximum amount of IDR12 trillion and its “idA+(sy)” rating for its Sukuk Mudharabah III Year 2023 of up to IDR3 trillion
11 Jul 2023 PEFINDO has affirmed its idA+ rating with stable outlook to PT Indah Kiat Pulp and Paper Tbk (INKP).
15 Aug 2023 With the full repayment of Obligasi Berkelanjutan III Indah Kiat Pulp & Paper Tahap I Tahun 2022 Seri A and Sukuk Mudharabah Berkelanjutan II Indah Kiat Pulp & Paper Tahap I Tahun 2022 Seri A issued by PT Indah Kiat Pulp & Paper Tbk on August
22 Aug 2023 PEFINDO has affirmed its “idA+” rating to PT Indah Kiat Pulp and Paper Tbk (INKP)’s maturing Shelf Registered Bond III Phase II 2022 Series A of IDR904.51 billion and “idA+(sy)” rating to INKP’s Shelf Registered Sukuk Mudharabah II Phase II 2022 Series A
19 Sep 2023 With the full repayment of Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap II Tahun 2020 Seri B issued by PT Indah Kiat Pulp & Paper Tbk on September 18, 2023, PEFINDO has withdrawn the rating of the debt instrument
6 Oct 2023 PEFINDO has assigned its idA+ rating for PT Indah Kiat Pulp and Paper Tbk (INKP)’s Shelf- Registered USD Bond I Year 2023 with maximum amount of USD300 million
12 Oct 2023 PEFINDO has affirmed its “idA+” ratings to PT Indah Kiat Pulp and Paper Tbk (INKP)’s maturing Shelf Registered Bond I Phase III Year 2020 Series B of IDR2.47 trillion due on December 11, 2023, Shelf Registered Bond III Phase III Year 2022 Series A of IDR3
23 Oct 2023 With the full repayment of Obligasi Berkelanjutan III Indah Kiat Pulp & Paper Tahap II Tahun 2022 Seri A and Sukuk Mudharabah Berkelanjutan II Indah Kiat Pulp & Paper Tahap II Tahun 2022 Seri A issued by PT Indah Kiat Pulp & Paper Tbk on Octob
5 Dec 2023 PEFINDO has affirmed its “idA+(sy)” rating to PT Indah Kiat Pulp and Paper Tbk (INKP)’s maturing Shelf Registered Sukuk Mudharabah II Phase IV Year 2023 Series A of IDR106.9 billion due on February 7, 2024
13 Dec 2023 With the full repayment of Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap III Tahun 2020 Seri B on December 11, 2023, PEFINDO has withdrawn the rating of the debt instrument
27 Dec 2023 With the full repayment of Obligasi Berkelanjutan III Indah Kiat Pulp & Paper Tahap III Tahun 2022 Seri A and Sukuk Mudharabah Berkelanjutan II Indah Kiat Pulp & Paper Tahap III Tahun 2022 Seri A issued by PT Indah Kiat Pulp & Paper Tbk on Dec
23 Jan 2024 PEFINDO has affirmed its “idA+” rating to PT Indah Kiat Pulp and Paper Tbk (INKP)’s maturing Shelf Registered Bond I Phase IV Year 2021 Series B of IDR1.9 trillion due on March 23, 2024
7 Feb 2024 With the full repayment of Sukuk Mudharabah Berkelanjutan II Indah Kiat Pulp & Paper Tahap IV Tahun 2023 Seri A issued by PT Indah Kiat Pulp & Paper Tbk on February 7, 2024, PEFINDO has withdrawn the rating of the debt instrument
25 Mar 2024 With the full repayment of Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap IV Tahun 2021 Seri B on March 25, 2024, issued by PT Indah Kiat Pulp & Paper Tbk, PEFINDO has withdrawn the rating of the debt instrument
22 May 2024 PT Indah Kiat Pulp and Paper Tbk (INKP)’s debt instrument will mature in the near term: Shelf Registered Bond IV Phase I Year 2023 Series A (IDR333.55 billion, rated idA+, due on July 21, 2024)
25 Jun 2024 PT Indah Kiat Pulp and Paper Tbk (INKP) rated idA+ with stable outlook
22 Jul 2024 With the full repayment of Obligasi Berkelanjutan IV Indah Kiat Pulp & Paper Tahap I Tahun 2023 Seri A on July 22, 2024, issued by PT Indah Kiat Pulp & Paper Tbk, PEFINDO has withdrawn the rating of the debt instrument
5 Sep 2024 With the full repayment of Obligasi Berkelanjutan IV Indah Kiat Pulp & Paper Tahap II Tahun 2023 Seri A and Sukuk Mudharabah Berkelanjutan III Indah Kiat Pulp & Paper Tahap II Tahun 2023 Seri A on September 5, 2024, issued by PT Indah Kiat Pulp &a
5 Sep 2024 PT Indah Kiat Pulp and Paper Tbk (INKP)’s debt instrument will mature in the near term: Shelf Registered Bond IV Phase III Year 2023 Series A (amounting to IDR16.89 billion, rated idA+, due on December 1, 2024)
18 Sep 2024 PT Indah Kiat Pulp and Paper Tbk (INKP)’s debt instruments will mature on September 30, 2024: Shelf Registered Bond II Phase I Year 2021 Series B (IDR1.05 trillion, rated idA+)
30 Sep 2024 With the full repayment of Obligasi Berkelanjutan II Indah Kiat Pulp & Paper Tahap I Tahun 2021 Seri B and Sukuk Mudharabah Berkelanjutan I Indah Kiat Pulp & Paper Tahap I Tahun 2021 Seri B on September 30, 2024, issued by PT Indah Kiat Pulp &
4 Oct 2024 PEFINDO has assigned its idA+ ratings for PT Indah Kiat Pulp and Paper Tbk (INKP)’s Shelf- Registered Bond V Year 2024 with the maximum amount of IDR14 trillion and Shelf- Registered USD Bond II Year 2024 with the maximum amount of USD100 million
2 Dec 2024 With the full repayment of Obligasi Berkelanjutan IV Indah Kiat Pulp & Paper Tahap III Tahun 2023 Seri A, Obligasi USD Berkelanjutan I Indah Kiat Pulp & Paper Tahap II Tahun 2023 Seri A and Sukuk Mudharabah Berkelanjutan III Indah Kiat Pulp &
9 Dec 2024 With the full repayment of Obligasi Berkelanjutan II Indah Kiat Pulp & Paper Tahap II Tahun 2021 Seri B and Sukuk Mudharabah Berkelanjutan I Indah Kiat Pulp & Paper Tahap II Tahun 2021 Seri B on December 9, 2024, issued by PT Indah Kiat Pulp &
5 Feb 2025 PT Indah Kiat Pulp and Paper Tbk’s following debt instruments will mature on February 24, 2025: Shelf Registered Bond II Phase III Year 2022 Series B (rated idA+) of IDR1.076 trillion
25 Feb 2025 PT Indah Kiat Pulp & Paper Tbk has fully repaid the following debt instruments on February 24, 2025: Obligasi Berkelanjutan II Indah Kiat Pulp & Paper Tahap III Tahun 2022 Seri B (rated idA+) of IDR1,076,520,000,000
11 Mar 2025 PT Indah Kiat Pulp and Paper Tbk’s following debt instruments will mature in the near term: Shelf Registered Bond IV Phase IV Year 2024 Series A (rated idA+) of IDR454.8 billion will be due on April 14, 2025
14 Apr 2025 PT Indah Kiat Pulp & Paper Tbk has fully repaid Obligasi Berkelanjutan IV Indah Kiat Pulp & Paper Tahap IV Tahun 2024 Seri A, Obligasi USD Berkelanjutan I Indah Kiat Pulp & Paper Tahap III Tahun 2024 Seri A, and Sukuk Mudharabah Berkelanjutan
30 Apr 2025 PT Indah Kiat Pulp & Paper Tbk [INKP]’s following debt instruments will mature in the near term: Shelf Registered Bond IV Phase V Year 2024 Serie A (rated idA+) of IDR385.14 billion will be due on July 1, 2025
5 Jun 2025 PT Indah Kiat Pulp & Paper Tbk has fully repaid its Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap I Tahun 2020 Seri C
13 Jun 2025 PT Indah Kiat Pulp and Paper Tbk (INKP) rated idA+ with stable outlook
1 Jul 2025 PT Indah Kiat Pulp & Paper Tbk has fully repaid the following debt instruments Obligasi Berkelanjutan IV Indah Kiat Pulp & Paper Tahap V Tahun 2024 Seri A and Obligasi USD Berkelanjutan I Indah Kiat Pulp & Paper Tahap IV Tahun 2024 Seri A
2 Jul 2025 PT Indah Kiat Pulp & Paper Tbk [INKP]’s Shelf Registered Bond I Indah Kiat Pulp & Paper Phase II Serie C Year 2020 (rated idA+) amounting to IDR276.55 billion will be due on September 16, 2025
5 Aug 2025 PT Indah Kiat Pulp & Paper Tbk has fully repaid the following debt instruments Obligasi Berkelanjutan III Indah Kiat Pulp & Paper Tahap I Tahun 2022 Seri B and Sukuk Mudharabah Berkelanjutan II Indah Kiat Pulp & Paper Tahap I Tahun 2022 Seri B
8 Aug 2025 PT Indah Kiat Pulp & Paper Tbk (INKP)’s following debt instruments will mature in the near term: Shelf Registered Bond III Phase II Year 2022 Serie B (rated idA+) of IDR1,603.93 billion will be due on will be due on October 11, 2025
16 Sep 2025 PT Indah Kiat Pulp & Paper Tbk has fully repaid its Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap II Tahun 2020 Seri C

Rating Rationale

To
Release Date Title
5 May 2020 PEFINDO assigns "idA+" ratings for PT Indah Kiat Pulp and Paper Tbk and its proposed Shelf Registered Bond I
4 Mar 2021 PEFINDO affirms "idA+" ratings for PT Indah Kiat Pulp and Paper Tbk and its bond
24 Jun 2021 PT Indah Kiat Pulp and Paper Tbk rated "idA+" with stable outlook
18 Apr 2022 PT Indah Kiat Pulp and Paper Tbk rated "idA+", outlook revised to "positive"
6 Aug 2022 PEFINDO has assigned its "idA+" rating to PT. Indah Kiat Pulp and Paper Tbk (INKP)'s Bond III Year 2022 with a maximum amount of IDR7 trillion and its "idA+(sy)" rating for its Sukuk Mudharabah II Year 2022 of up to IDR3 trillion
14 Mar 2023 PT Indah Kiat Pulp and Paper Tbk (INKP) affirmed at idA+, outlook revised to stable from positive.
6 Jul 2023 PEFINDO has assigned its “idA+” rating to PT. Indah Kiat Pulp and Paper Tbk (INKP)’s Bond IV Year 2023 with a maximum amount of IDR12 trillion and its “idA+(sy)” rating for its Sukuk Mudharabah III Year 2023 of up to IDR3 trillion
7 Aug 2023 PEFINDO has affirmed its idA+ rating with stable outlook to PT Indah Kiat Pulp and Paper Tbk (INKP)
6 Oct 2023 PEFINDO has assigned its idA+ rating for PT Indah Kiat Pulp and Paper Tbk (INKP)’s Shelf- Registered USD Bond I Year 2023 with maximum amount of USD300 million
22 Jul 2024 PT Indah Kiat Pulp and Paper Tbk (INKP) rated idA+ with stable outlook
4 Oct 2024 PEFINDO has assigned its idA+ ratings for PT Indah Kiat Pulp and Paper Tbk (INKP)’s Shelf- Registered Bond V Year 2024 with the maximum amount of IDR14 trillion and Shelf- Registered USD Bond II Year 2024 with the maximum amount of USD100 million
10 Jul 2025 PT Indah Kiat Pulp and Paper Tbk (INKP) rated idA+ with stable outlook