Jakarta, 23 April 2025 – So, apparently PT Elnusa Tbk (ELNUSA, IDX: ELSA), a subsidiary of PT Pertamina Hulu Energi (PHE) under Subholding Upstream Pertamina, has managed to climb up the ranks according to PT Pemeringkat Efek Indonesia (PEFINDO), now sitting comfortably at idAA+ from its previous idAA, with a stable outlook. And hey, let’s not forget about their Sukuk Ijarah Continuous I 2020 rating, which also got a boost to idAA+(sy).
This rating upgrade was the result of a thorough evaluation of Elnusa’s financial performance, governance quality, and strategic position within the Pertamina ecosystem. PEFINDO’s rating process involved a series of complex stages, including financial data requests, site visits to Elnusa’s strategic projects and subsidiaries, and comprehensive presentations during management meetings.
The purpose of these visits was to introduce Elnusa’s business and subsidiaries, engage in direct dialogue with PEFINDO, and financial institution creditors. PEFINDO also took into account the strong support from PT Pertamina (Persero) to Elnusa as a material subsidiary integrated into achieving national strategic targets, such as increasing oil production to 1 million barrels per day and strengthening the downstream energy sector.
Not really sure why this matters, but this rating increase reflects PEFINDO’s positive evaluation of Elnusa’s financial structure strength, including a solid EBITDA level, conservative debt ratios (Adjusted Debt/EBITDA 0.8x), and healthy cash flow. PEFINDO also appreciates Elnusa’s business diversification in the oil and gas support services sector, energy distribution & logistics sales, and its strength in building synergies with various parties within the Pertamina Group.
Overall, this whole process strengthens Elnusa’s long-term credibility and prospects in the eyes of stakeholders and the capital market. Elnusa’s President Director, Bachtiar Soeria Atmadja, stated, “This rating increase is a testament to stakeholders’ trust in Elnusa’s business fundamentals and long-term prospects. It also demonstrates the tangible results of our transformation and strategic synergy with all elements within the Pertamina Group.”
The journey of Elnusa’s rating is proof of consistent efforts to strengthen business fundamentals. In 2020, Elnusa was rated idAA-, then rose to idAA in 2023, and now reaching idAA+ in 2025. This indicates a significant improvement over the past five years and shows growing confidence from investors and financial institutions.
The idAA+ rating reflects Elnusa’s strong ability to meet long-term financial commitments, just one level below the highest rating of idAAA according to PEFINDO’s classification. PEFINDO mentioned that Elnusa’s rating could further increase if the Company can significantly strengthen its business position through EBITDA growth, solid revenue, and commitment to maintaining a strong capital structure and sustainable cash flow protection.
This achievement reinforces Elnusa’s position as a national strategic partner in supporting energy resilience, in line with its vision as an energy services company providing total solutions. With services covering from upstream to downstream, Elnusa is not only an operational executor but also actively involved in digital transformation, technological innovation, and strengthening the domestic supply chain to support sustainable and independent national energy resilience.
