Amid the Covid -19 Pressure, Pertamina Maintains Investment Grade Rank with Prospect
Jakarta, October 5, 2020 – Amid the Covid-19 pandemic, PT Pertamina (Persero) successfully maintains its Investment Grade Rank or BBB with a stable prospect from World Rating Agency, Fitch.
This achievement comes as a relief because, simultaneously, Fitch Ratings has lowered the Sovereign Credit Rating of 33 entities, including countries throughout the first semester of 2020. Fitch also lowered the credit prospect of 40 countries or sovereign entities to be 'negative.'
Moreover, according to Fitch, the trimming and downturn of countries' and entities' ranking prospects will continue in the middle of the Covid-19 pandemic, which has not shown signs of getting better until today.
Vice President of Corporate Communication of Pertamina, Fajriyah Usman, said Pertamina's ranking this year is equal to Indonesia's rank, BBB/Stable, as Pertamina and the government has a strong relationship. Pertamina is a significant part of the government and plays a role in providing energy and encouraging national economic growth.
"The Fitch Rating with the Investment Grade rank also shows that Pertamina's financial management can be categorized as normal," said Vice President of Corporate Communication of Pertamina, Fajriyah Usman.
According to Fajriyah, as SOE, Pertamina always adheres to regulation and the constitutions and professionalism and prioritizes prudence in its financial management.
"The rank within a stable prospect shows the investors' trust that is relatively strong," added Fajriyah.
Fajriyah added, amid the pandemic, Pertamina makes an effort to maintain the financial condition. One of which is by continuing to keep upstream to downstream operational well while carrying out efficiency by cutting operational expenditure by 30 percent and capital expenditure (CAPEX) by 23 percent.
"Pertamina also remains committed to completing national strategic projects both upstream and midstream to maintain national energy security and independence," concluded Fajriyah.**