Jakarta - 27 February 2020:
Fitch Ratings Indonesia has affirmed PT Aneka Gas Industri Tbk’s National Long-Term Rating at ‘A-(idn)’ with a Stable
Outlook. At the same time, Fitch has affirmed Aneka Gas’s Indonesian rupiah bonds and sukuk ijara National Ratings
of ‘A-(idn)’. A full list of rating actions is at the end of this commentary.
Aneka Gas’s ratings reflect its entrenched market position, stable margins and diversified revenue base. The company’s
operating profile could support a higher rating; however, Aneka Gas’s ratings are constrained by its leverage, which
has remained high due to its expansionary capex.
‘A’ National Ratings denote expectations of low default risk relative to other issuers or obligations in the same country
or monetary union. However, changes in circumstances or economic conditions may affect the capacity for timely
repayment to a greater degree than is the case for financial commitments denoted by a higher-rated category.
KEY RATING DRIVERS
Entrenched Market Position: Fitch believes Aneka Gas’s established distribution network, coupled with its integrated
logistics, will continue to help the company secure its position in the growing Indonesian industrial gas market. Aneka
Gas is the largest industrial gas manufacturer in Indonesia, accounting for around a third of Indonesia’s consumption.
Aneka Gas also holds a higher market share in sub-segments of the industrial gas market, such as cylinder and bulk
gas, and has about a 85% share in the medical gas sector. Most of Aneka Gas’s competitors are multinationals, which
are stronger in the supply of onsite and pipeline gas within Java. Aneka Gas also holds a considerably stronger position