WIKA misses bond coupon payment as Pefindo cuts instrument rating to idD
The missed 3 November coupon follows an October bondholders' meeting that rejected management's restructuring proposal, with support below the required quorum.
PT Wijaya Karya (WIKA) missed the coupon payment on its Obligasi Berkelanjutan III Tahap I bonds that fell due on 3 November 2026. On 4 November, rating agency Pefindo cut the instrument rating to idD while maintaining the corporate rating at idSD, stating the rating will only be reviewed once all outstanding principal, coupon and revenue-sharing obligations are settled.
The default followed a bondholders' meeting on 28 October that rejected management's restructuring proposal. Of the Rp2.25 trillion principal outstanding, 90.59 percent of holders attended, but approval reached only 70.87 percent, below the 75 percent quorum requirement; agenda items two to four were rejected by around 90 percent of votes cast.
Separately, an IDX filing dated 30 October 2026 shows PT PP (PTPP) has scheduled an extraordinary general meeting of shareholders for 10-11 November 2026, part of remedial steps following its delayed October coupon.