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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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Kereta Api Indonesia (Persero)

(KAII)

Corporate Rating/Outlook idAAA Stable Updated on 7 Aug 2025

Press Release

To
Release Date Title
24 Aug 2016 PEFINDO assigns "idAAA" rating to PT Kereta Api Indonesia (Persero)
5 Apr 2017 PEFINDO assigns "idAAA" rating to PT Kereta Api Indonesia (Persero)
25 Oct 2017 PEFINDO assigns "idAAA" rating to PT Kereta Api Indonesia (Persero)'s proposed bond
11 Apr 2018 PEFINDO affirms its "idAAA" ratings to PT Kereta Api Indonesia (Persero), and its bond I/ 2017
9 Apr 2019 PEFINDO affirms its "idAAA" rating to PT Kereta Api Indonesia (Persero)
19 Sep 2019 PEFINDO affirms its "idAAA" ratings to PT Kereta Api Indonesia (Persero) and its Bonds
8 Nov 2019 PEFINDO assigns "idAAA" rating to PT Kereta Api Indonesia (Persero)'s proposed bond
11 May 2020 PEFINDO revises PT Kereta Api Indonesia (Persero)'s outlook to Negative, affirms rating at "idAAA"
14 Sep 2020 PEFINDO lowers PT Kereta Api Indonesia (Persero)'s rating to "idAA+", outlook maintained negative
9 Sep 2021 PT Kereta Api Indonesia (Persero) rated "idAA+" with negative outlook
13 Apr 2022 PT Kereta Api Indonesia (Persero)'s rated at "idAA+", outlook revised to stable
29 Jul 2022 PEFINDO has assigned its idAA+ and idAA+(sy) ratings to PT Kereta Api Indonesia (Persero) (KAII)'s proposed Shelf-Registered (SR) Bond I of maximum IDR2.2 trillion and SR Sukuk I of maximum IDR800 billion, respectively.
22 Sep 2022 PEFINDO has affirmed its idAA+ rating for PT Kereta Api Indonesia (Persero) (KAI)'s maturing Bond I Series A of IDR1 trillion due on November 21, 2022
21 Nov 2022 PEFINDO has withdrawn the rating of Obligasi I Kereta Api Indonesia Tahun 2017 Seri A based on the full repayment of the debt instrument
13 Apr 2023 PEFINDO has raised its ratings for PT Kereta Api Indonesia (Persero) (KAI) and its bonds to idAAA from idAA+. At the same time, we have also raised KAI’s SR Sukuk I to idAAA(sy) from idAA+(sy).
4 Apr 2024 PEFINDO has affirmed its ratings for PT Kereta Api Indonesia (Persero) (KAI) and its outstanding bonds at idAAA
19 Aug 2024 PT Kereta Api Indonesia (Persero) (KAI)’s Shelf-Registered (SR) Bond I Series B of IDR1 trillion (rated idAAA) will mature on November 21, 2024
3 Sep 2024 PEFINDO has affirmed its ratings for PT Kereta Api Indonesia (Persero) (KAI) and its outstanding bonds at idAAA as well as its outstanding sukuk at idAAA(sy).
24 Sep 2024 PT Kereta Api Indonesia (Persero) (KAI)’s Shelf-Registered (SR) Bond II Year 2019 Series A of IDR900 billion (rated idAAA) will mature on December 13, 2024
19 Nov 2024 PEFINDO has assigned its idAAA and idAAA(sy) ratings for PT Kereta Api Indonesia (Persero) (KAI)’s proposed Shelf Registered (SR) Bond II, amounting to a maximum of IDR2 trillion and proposed SR Sukuk II, amounting to a maximum of IDR1 trillion, respectiv
21 Nov 2024 With the full repayment of Obligasi I Kereta Api Indonesia Tahun 2017 Seri B on November 21, 2024, issued by PT Kereta Api Indonesia (Persero), PEFINDO has withdrawn the rating of the debt instrument
13 Dec 2024 With the full repayment of Obligasi II Kereta Api Indonesia Tahun 2019 Seri A on December 13, 2024, issued by PT Kereta Api Indonesia (Persero), PEFINDO has withdrawn the rating of the debt instrument
7 Aug 2025 PEFINDO has affirmed its ratings for PT Kereta Api Indonesia (Persero) (KAI) and its outstanding bonds at idAAA as well as its outstanding sukuk at idAAA(sy)

Rating Rationale

To
Release Date Title
24 Aug 2016 PEFINDO assigns "idAAA" rating to PT Kereta Api Indonesia (Persero)
25 Oct 2017 PEFINDO assigns "idAAA" rating to PT Kereta Api Indonesia (Persero)'s proposed bond
11 Apr 2018 PEFINDO affirms its "idAAA" ratings to PT Kereta Api Indonesia (Persero), and its bond I/ 2017
18 Apr 2019 PEFINDO affirms its "idAAA" rating to PT Kereta Api Indonesia (Persero)
9 Oct 2019 PEFINDO affirms its "idAAA" ratings to PT Kereta Api Indonesia (Persero) and its Bond
11 May 2020 PEFINDO revises PT Kereta Api Indonesia (Persero)'s outlook to Negative, affirms rating at "idAAA"
14 Sep 2020 PEFINDO lowers PT Kereta Api Indonesia (Persero)'s rating to "idAA+", outlook maintained negative
28 Sep 2021 PT Kereta Api Indonesia (Persero)'s rated at "idAA+" with negative outlook
13 Apr 2022 PT Kereta Api Indonesia (Persero)'s rated at "idAA+", outlook revised to stable
29 Jul 2022 PEFINDO has assigned its idAA+ and idAA+(sy) ratings to PT Kereta Api Indonesia (Persero) (KAII)'s proposed Shelf-Registered (SR) Bond I of maximum IDR2.2 trillion and SR Sukuk I of maximum IDR800 billion, respectively.
13 Apr 2023 PEFINDO has raised its ratings for PT Kereta Api Indonesia (Persero) (KAI) and its bonds to idAAA from idAA+. At the same time, we have also raised KAI’s SR Sukuk I to idAAA(sy) from idAA+(sy).
30 Apr 2024 PEFINDO has affirmed its ratings for PT Kereta Api Indonesia (Persero) (KAI) and its outstanding bonds at idAAA
3 Sep 2024 PEFINDO has affirmed its ratings for PT Kereta Api Indonesia (Persero) (KAI) and its outstanding bonds at idAAA as well as its outstanding sukuk at idAAA(sy).
19 Nov 2024 PEFINDO has assigned its idAAA and idAAA(sy) ratings for PT Kereta Api Indonesia (Persero) (KAI)’s proposed Shelf Registered (SR) Bond II, amounting to a maximum of IDR2 trillion and proposed SR Sukuk II, amounting to a maximum of IDR1 trillion, respectiv