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Wijaya Karya’s Debt Burden After Whoosh

Monday, March 17, 2025

Wijaya Karya struggles to manage its finances amid a tough climate. The company is burdened by lingering project costs, including the Whoosh high-speed rail.

arsip tempo : 177288546895.

Workers cleaning the Wijaya Karya (WIKA) logo on Jalan D. I. Panjaitan, Jakarta, September 4, 2023. Tempo/Tony Hartawan. tempo : 177288546895.

WITHIN a month, the credit rating agency Pemeringkat Efek Indonesia (Pefindo) downgraded the rating of Wijaya Karya (WIKA) twice. On Wednesday, February 19, 2025, Pefindo lowered the rating of the Indonesia Stock Exchange-listed company from idCCC with a CreditWatch with Negative Implications to idSD. Nine days earlier, WIKA’s rating had already been downgraded from idBB- with a CreditWatch with Negative Implications.

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Caesar Akbar

Adil Al Hasan contributed to the writing of this article. 

PT Wijaya Karya | Wika Indonesia Fast Train PT Kereta Cepat Indonesia China (KCIC) Pefindo Whoosh SOE debts Construction SOEs
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