S&P Global and Fitch Ratings Assigns First Time Corporate Credit Rating of BBB with Stable Outlook to PT Kilang Pertamina Internasional (KPI)
We are proud to announce that on it’s first corporate credit rating, PT Kilang Pertamina Internasional (KPI), a subholding of Refining & Petrochemical at PT Pertamina (Persero), has received BBB rating with a stable outlook by esteemed international credit rating agencies, S&P Global Ratings and Fitch Ratings. This rating is consistent with that obtained by PT Pertamina (Persero), showcasing the confidence of these agencies in KPI's business fundamentals, which indicates positive prospects for potential investors.
“This is a recognition of KPI's core and strategic role in the Pertamina Group's business and national energy resilience in general.” said KPI’s President Director Taufik Aditiyawarman.
Referring to S&P Global & Fitch Rating research, the decision to assign KPI with an investment-grade rating was bolstered by several key factors such as KPI's core and strategic role in the Pertamina Group's business and national energy resilience. Moreover, KPI seamlessly integrates into Pertamina Group's business ecosystem, effectively managing the domestic crude oil supply from the Upstream Subholding and efficiently distributing the refined products through the Commercial & Trading Subholding.
KPI also demonstrates strong competency in project execution, as evidenced by its involvement in the development of the RDMP Balikpapan project. This project, aimed to enhance the refinery's production capacity by 100 thousand barrels per day and upgrade product quality to Euro V standards, underscores KPI's commitment to excellence and innovation. Additionally, the completion of the RDMP Balikpapan project is anticipated to significantly elevate the refinery's complexity, as indicated by the Nelson Complexity Index, further solidifying KPI's position in the industry.
Renowned for their expertise, S&P Global Ratings and Fitch Ratings meticulously evaluated various aspects of KPI's operations, including financial performance, operational efficiency, long-term strategies, industry risks, competitive positioning, relationship with the parent company and government, as well as KPI's strategic contributions to Pertamina's business and national energy resilience.
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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