Jakarta, May 11, 2023. PT Waskita Karya (Persero) Tbk. Stock
code: WSKT. PT Pemeringkat Efek Indonesia (Pefindo) has assigned
a rating to PT Waskita Karya (Persero) Tbk after the company
failed to pay the bond coupon which was due on May 6, 2023.Pefindo gave an idSD rating for corporate rating from the
previous idCCC rating. In addition, Pefindo also assigned an idD
rating to PT Waskita Karya (Persero) Tbk's
Sustainable Bonds IV
Phase I of 2020 for the period May 8 2023 to August 6, 2023.
The rating was given based on data and information from the Company as well as the Unaudited Financial Statements as of March 31, 2023, and Audited Financial Statements as of December 31, 2022. The rating has changed from the previous rating, namely idCCC.
"Waskita experienced a downgrade of Pefindo's rating to idSD from idCCC due to a delay in payment of obligations which is also related to Waskita's standstill condition due to the restructuring process," said Ermy Puspa Yunita.
"Then the restructuring process is still ongoing by improving the scheme which of course can be implemented optimally and prioritizes the Company's going concern," he continued.
Note that currently the use of the Company's cash flow is restricted, so the Company needs to submit a standstill to be able to preserve cash and expedite the MRA comprehensive review process. In the context of equal treatment to Banking Creditors and Non-Guarantee Bondholders and subject to standstill provisions that have been approved by Stakeholders, the Company cannot make interest and/or principal payments on the Company's financial obligations.
“This rating is only temporary. Pefindo will continue to periodically review Waskita's rating and do not rule out the possibility that Waskita's rating can be increased again in line with the Company's improved performance because Management strongly believes that the Company can continue operating and fulfill its obligations," said Ermy Puspa Yunita.
Some of the things that have been done by the Company include conducting a comprehensive MRA review, carrying out financial efficiency, applying lean construction, and being more selective in choosing new projects according to their capabilities and feasibility studies by reducing exposure to turnkey projects," he explained.
Ermy on this occasion expressed her gratitude to all Stakeholders who have supported Waskita in the restructuring process. Because every form of support that Waskita receives is very meaningful for Waskita's recovery efforts.
"It is hoped that the Waskita business can perform well and be adaptive and provide added value for all Stakeholders in the future," said Ermy Puspa Yunita.
"The company is also committed to strengthening the implementation of good corporate governance, as well as prioritizing a prudent, sustainable business and implementing prudent risk management," concluded Ermy.
