PEFINDO has assigned an idAAA rating with a stable outlook to PT Pupuk Indonesia (Persero) (PIHC). PEFINDO has also given an idAAA rating to PIHC’s Sustainable Bond II. The Company’s rating is primarily influenced by the very strong likelihood of support from the government. PIHC’s standalone credit profile is supported by its very strong position in the fertilizer industry and its integrated business operations but is constrained by a moderate capital structure, project execution risks, and exposure to commodity price volatility.