Moody’s Ratings Affirms Pertamina at “Baa2” Rating with a Stable Outlook

Dear investors,  

We are delighted to share with you that Moody's Ratings, an international credit rating agency, has reaffirmed PT Pertamina (Persero)'s investment-grade rating of Baa2 rating with a stable outlook. Pertamina’s rating is aligned with Indonesia's sovereign rating, placing Pertamina just one notch below.

For Baseline Credit Assessment (BCA), Pertamina received a baa3 rating, which reflects its position as Indonesia's largest integrated oil and gas company, substantial upstream production and hydrocarbon reserves, as well as extensive downstream operations, including control over refineries, fuel marketing stations, and gas pipelines.

Furthermore, the rating reflects improvements in the fuel compensation payment cycle, especially in the last two years. Additionally, Pertamina’s ability to maintain and ensure that the Credit Matrix (RCF/Net Debt, Adjusted Debt/Capital, and EBITDA/Interest) is in a strong position, including in the event of crude price fluctuations has significantly affected the current results.

Moreover, in terms of Governance, Moody's appreciates Pertamina's commitment to routinely provide updates on operational and financial performance, including any requested information as a form of transparency, despite not yet being a public company.

To learn more about our latest news and investor information, please visit our website: https://www.pertamina.com/en/Investor-relations

We sincerely appreciate your continued and profound interest in Pertamina. If you have any questions regarding this email or any other matters related to Pertamina’s scope of business, please do not hesitate to contact our Investor Relations Team at pertamina_ir@pertamina.com

Best regards,

Pertamina Investor Relations