Companies
KAI recently announced maintenance for seven new trains produced by INKA, resulting in the cancellation of 17 Commuter Line trips in Greater Jakarta starting Monday.
An LRT Jabodebek train made by state-owned train manufacturer PT Industri Kerata Api (INKA) is pictured in this file photo. (Twitter.com/BPPT RI )
Indonesian rating agency Pemeringkat Efek Indonesia (Pefindo) has downgraded the rating of state-owned trainmaker PT Industri Kereta Api (INKA) to idBB from its previous idA-, while maintaining a negative outlook. “The rating action reflects heightened pressure on INKA’s business profile and weakening credit metrics due to prolonged delivery delays on the Kereta Commuter Indonesia [KCI] project, which have constrained INKA’s cash flow and resulted in its inability to make timely payments to its suppliers,” Pefindo stated in a rating summary published on Aug. 27.
Pefindo said that INKA’s rating still reflected the company’s established market position in domestic rolling stock manufacturing. However, the rating was limited by the firm’s heightened liquidity risk, challenges in project execution and high dependence on a single customer.
