PEFINDO has assigned its idAAA rating with stable outlook to PT Pertamina International Shipping (PIS)
Monday, June 8 2026 - 09:57 PM WIB
(June 08, 2026)--PEFINDO has assigned its idAAA rating with stable outlook to PT Pertamina International Shipping (PIS). The rating reflects a very high degree of extraordinary support likelihood from its parent – PT Pertamina (Persero). PIS’ standalone credit profile reflects the Company’s very strong market position and very strong financial profile. These strengths are constrained by the execution risks associated with the final phase of the downstream integration restructuring as well as heightened exposure to market and operational volatility.
The rating already incorporates the forthcoming structural transformation, under which PIS, in its current form as a standalone sub-holding, will cease to exist. Under phase 2 of the restructuring, scheduled for October 1, 2026, several non-captive assets and business entities currently under PIS will be spun off to PT Pertamina Trans Kontinental (PTK), a wholly owned subsidiary of PIS. Subsequently, PIS will be merged into PT Pertamina Patra Niaga (PPN), which will act as the surviving entity within the integrated downstream sub- holding structure.
The rating may be lowered if we observe a material weakening in parental support. We may also lower the rating if the transfer of assets or the novation of third-party contracts encounters material legal or administrative delays, disrupting revenue continuity. The rating may also be under pressure if the Company’s competitiveness weakens during the transition period, reflected in reduced ability to secure or renew third-party contracts due to counterparty concerns over structural uncertainty, operational continuity, and lack of clarity regarding the contracting entity.
PIS is the integrated marine logistics sub-holding of the Pertamina Group, serving as the backbone for national fuel and gas distribution across the Indonesian archipelago. Effective on February 1, 2026, PIS commenced a phased merger with PPN to consolidate the group's downstream value chain. As of December 31, 2025, PIS was 98.88% owned by Pertamina, 1.117% by Nippon Yusen Kabushiki Kaisha (NYK), and 0.003% by PT Pertamina Pedeve Indonesia.(ends)