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S&P Upgrades Cikarang Listrindo’s Debt Rating Outlook from Stable to Positive
Public News|October 14, 2024
14 October 2024 - International rating agency Standard & Poor’s Global Ratings (S&P) has upgraded the debt rating outlook of PT Cikarang Listrindo Tbk (POWR).
S&P has revised the outlook from stable to positive, moving the company’s rating closer to Investment Grade.
According to S&P’s report on Monday (October 14, 2024), the outlook upgrade is based on the company’s strong financial profile. It is supported by healthy cash flow from operations and moderate capital expenditure needs.
Over the past few years, the company’s leverage has consistently improved, and it has been deemed to have adequate liquidity sources.
Operationally, the company’s proximity to Jakarta’s economic center, solid infrastructure, and ample electricity supply continue to enhance the attractiveness of the five industrial estates it serves.
With this background, S&P noted that the company has demonstrated stable revenue growth, bolstered by industrial customer growth over the past decade.
In its report, S&P expressed confidence in the company’s strong financial performance and steady cash flow, which will enable it to refinance its 2026 Senior Notes.
The expectation is that a rating upgrade will allow the company to maintain stable operational performance while prudently managing capital expenditure and dividend distributions.
Meanwhile, POWR’s Corporate Secretary welcomed the S&P’s improved outlook, stating that it reflects the company’s success in consistently achieving sustainable financial performance and robust operational results.
"This achievement aligns with our commitment to consistently maintain the company’s performance and deliver the best value to all stakeholders. This recognition is also expected to generate positive sentiment among investors should the company proceed with refinancing in the future," said the Corporate Secretary's statement, released on Monday (October 14, 2024).
On October 2, 2024, the company notified the Financial Services Authority (OJK) regarding its plan to hold an Extraordinary General Meeting of Shareholders (EGMS).
The event is scheduled for Friday, November 22, 2024, with one of the agenda items concerning shareholder approval for the planned issuance of US dollar-denominated Senior Notes.
Upon receiving shareholder approval, the company will have the flexibility to issue the Senior Notes within the next 12 months, depending on the most favorable market conditions for the company.
Source: IDX Channel (English version translated by the Company)