PT.PEFINDO - Credit Rating Indonesia
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Company Profile

PT. PEFINDO or "PT Pemeringkat Efek Indonesia" was established in Jakarta on December 21, 1993, through the initiative of BAPEPAM (the Capital Market Supervisory Board), and Bank Indonesia (The Central Bank). On August 13, 1994, PEFINDO obtained its operating license (No. 39/PM-PI/1994) from BAPEPAM and remains one of the supporting institutions of the Indonesian Capital Market.

PEFINDO main function is to provide objective, independent and credible ratings on the credit risk of publicly issued debt securities through rating activities.

Apart from rating activities, PEFINDO continues to produce & publicize credit information relating to the debt capital markets. These publication products cover credit opinion on major companies that have issued Bonds and its underlying sectors.

PEFINDO is a private limited liability company, and as of December 2013 owned by 86 domestic institutional shareholders, comprising of major pension funds, banks, insurers, Indonesia Stock Exchange (IDX) and securities companies.

To enhance the rating methodology & criteria as well as rating process, PEFINDO is supported through its affiliate global partner: Standard & Poor Rating Services (S&P). PEFINDO also continues to actively participate in the Asian Credit Rating Agencies Association (ACRAA).



Board of Commissioners
President Commissioner : Djoko Sarwono
Commissioner : Erry Firmansyah
Commissioner : Taufik Hidayat

Djoko, is a Senior Faculty of LPPI, an Indonesian Banking Development Institution.  He spent most of his career with Bank Indonesia with latest assignment as an Expert Staff of Bank Indonesia’s Governor (2006 to 2009). His career within Bank Indonesia started since 1977 with years of experience both domestically and abroad, among others: Bandung Office Chief (2001-2003), CEO of Indover Bank, Amsterdam (2003-2006), Chairman of Indover Bank (Asia), Hong Kong (2003 – 2006). He earned Master and Phd in Public Administration from University of Southern California and also graduated (SH) from Faculty of Law, Trisakti University, Jakarta.

Erry, graduated from the University of Indonesia (BA in Economy) in 1981, started his career as an Auditor in Drs. Hadi Sutanto (public accountant office).  As one of the well known figures in Indonesian capital market, he has held various key positions including the president director of BEI (Indonesian Stock Exchange) and KSEI (Indonesian Central Securities Depository).  Erry currently sits as either chairman or independent commissioner in several well known corporations including PT Astra International, PT Unilever, PT Delta Dunia Makmur, PT Elang Mahkota Teknologi, and PT Benakat Petroleum Energy.

Taufik spent most of his career in PT Taspen (1992-present). Presently he is the Director of Investment at PT Taspen, a state owned pension insurance company (2008-present). He had experience as Board Member (BOC) of PT Arthaloka Indonesia, Jakarta (2008-2013) and BPR Purnaloka Bhakti, Jakarta (1999-2000). He passed CFA level I professional certification from AIMR, USA (1999). He also actively lectures in University of Indonesia (2002-2005) and some other places in Indonesia. He received Master of Economics degree from The University of Queensland, Australia (1990) and aiming (candidate) a Doctorate degree at University of Padjadjaran, Bandung.


Board of Directors
President Director : Ronald T. Andi Kasim, CFA
Director : Vonny Widjaja
Director : Yohanes Arts Abimanyu

After receiving both his Bachelor in Finance and Master degrees from Creighton University in Omaha, Nebraska, USA, Ronny started his career as Rating Analyst in PEFINDO in 1994, and later became the Head of Financial Institutions Ratings Division.  Before coming back to PEFINDO as the company’s president director starting in June 2010, he has held various positions mostly in Finance and Risk Management areas.  These positions include Lead Analyst of ALM Division (First National Bank of Omaha - USA), Finance Officer and Head of Financial Strategies Group (First National Capital Markets – USA), Lead Business Analyst of Risk Management Products (IPS Sendero – USA), Project Manager and Senior Consultant of Professional Services Group (FERMAT, Moody’s – France, UAE, Singapore), SVP and Head of Strategic Information Management (PT Bank Permata – Indonesia). Ronny is a CFA (Chartered Financial Analyst) charterholder and also holds the Wakil Manajer Investasi  license from BAPEPAM-LK as well as Series 27 license issued by NASD. 

Vonny Widjaja is a Director of PT Pemeringkat Efek Indonesia (PEFINDO) since June 2013. She was previously Senior Vice President-Corporate Ratings Division with primary responsibility covering consumer products, retail, chemical, building materials, and property sectors.  Prior to joining PEFINDO in 2000, she worked as an accountant for an agribusiness company (PT Sekar Bumi). Vonny holds a Magister Management (MM) degree in Finance from Prasetiya Mulya Graduate School of Management, Jakarta and a Bachelor degree in Economics majoring in Accounting from Surabaya University (UBAYA), Surabaya.

Abimanyu is a Director of PT Pemeringkat Efek Indonesia (PEFINDO) since June 2013. Prior to joining PEFINDO, he was the Head of Finance Division at Indonesia Stock Exchange (IDX), responsible for all aspects of accounting, taxation, financial management, budgeting & treasury/investment.  Abimanyu completed his Accounting degree (SE Ak.) from University of Indonesia (UI) Faculty of Economics – Accounting Department in 1996 and also from UI Post-Graduate School in Financial Management he hold another degree (Master in Science Management) in 2005.




Corporate Rating Division

Niken is an Assistant Vice President - Corporate Ratings Division mainly covering consumer products, fertilizer, plantation, poultry, media, and telecommunication sectors. Before joining PEFINDO in October 2002, she worked as an Auditor at PricewaterhouseCoopers Public Accounting Firm, Jakarta. Niken obtained a Bachelor degree in Economics majoring in Accounting from University of Indonesia and a Magister Management degree in Financial Management from the same university.  She has passed the Level I CFA Program in 2002.

Haryo is a Senior Manager - Corporate Ratings Division. Prior joining the company, he was a rating analyst at ICRA Indonesia (2010-2011) and doing equity analysis in several securities firms such as Macquarie Securiteis Indonesia, NISP Sekuritas Indonesia & Optima Kharya Capital Securities (2004-2010). Years earlier, he had joined KPEI as Risk Management Officer (1997-2004). He has earned Master Degree in Corporate Finance from IPMI - Jakarta (2004) and Bachelor Degree in Accounting from Economic Faculty - University of Indonesia.

Anies is a Manager - Corporate Ratings Division mainly covering non financial institution clients. Before joining PEFINDO in 2012, she worked at PT Bank Central Asia Tbk. as Account Officer for SME (2009-2011). She completed Bachelor degree from School of Business Management- ITB, Bandung. 

Yogie is a Manager – Corporate Ratings Division. Prior joining the agency, he was doing multiple audit and advisory works with Pricewaterhouse Coopers, Jakarta (2010-2011), PT Bank UOB Indonesia, Jakarta (2010), and Ernst & Young, Jakarta (2008-2010). He earned Bachelor in Accounting from Trisakti University, Jakarta (2008).

Rian is a Manager – Corporate Ratings Division. Prior joining the company, he spent his professional careers in multinational banks and major local corporation. He has been worked for The Bank of Tokyo Mitsubishi UFJ-Jakarta Branch for three year (2010-2012), mainly covered automotive and its supporting sectors. Years earlier, he worked for PT Adiniaga Sentra Persada (Djarum Group Regional Sales Office Jakarta) as HRD Staff (2006-2007). He earned his Master Degree in Finance from Gajahmada University – Yogyakarta (2009) and Bachelor Degree from Atma Jaya Catholic University-Jakarta (2005). He joined several professional certification examination in Banking Risk Management – BSMR level 1 & 2 (2011). He had passed Investment Management Representative Examination (2010) and entitled as CFA level 2 candidate (2013).

Mega is an Assistant Manager – Corporate Ratings Division. Before joining PEFINDO, he was with Bosowa Group for 2 years as Corporate Finance Analyst where he highly involved in several corporate actions including Debt Restructuring in some portfolio company and Project Financing for the expansion of Cement Group. Prior to his Bosowa experience, he worked for Triputra Group as Management Trainee (2010-2011) and for PT Bank BTPN Tbk. as internship – Business Planning, Micro Banking (2010). He earned Bachelor of Economics-Finance from University of Indonesia (2010) with Scholarship from YDBP-UI.

Martin is an Assistant Manager – Corporate Ratings Division. Prior to joining PEFINDO he did some audit projects (2010-2013) in a public auditing firm KAP Purwantono, Suherman & Surja (Ernst & Young Indonesia). As Indonesian student, he had also participating organization role at AIESEC during his study at Brawijaya University, Faculty Economics, majoring Accounting, Malang (2006–2010).

Municipality Rating Division

Endi is a Vice President – Municipality Ratings with the primary coverage of credit profiling the Regencies, Cities, and Provinces’ financial figures within Indonesian Local Authorities. Prior joining the company, he was working for a controller group at a business unit of Exelon Corporation (USA headquartered electricity generating & distributing company). He had years of experience as auditor at the Supreme Audit Board of Indonesia or BPK RI (1997-2004). He earned multiple degrees from various places: MBA, majoring finance from Univ. of Delaware, USA (2006); MAcc from Bowling Green State University, Ohio, USA (2001); Accounting degree from Univ.of Indonesia Ext. Program (1997) and also from State Accounting School/STAN (1991).

Arifa is an Assistant Manager – Municipality Ratings with the primary coverage of credit profiling the Regencies, Cities and Provinces’ financial figures within Indonesian Local Authorities. Prior joining the company, she was working for Bank Syariah Mandiri as Funding Officer (2010-2012). She had also some experiences as a Assistant Financial Planner at Quantum Magna Financial  (2007-2010). She earned Bachelor Degree in Business Communication from London School of PR, Jakarta. She has passed Registered Financial Planner, International Association of Registered Financial Consultant.

Financial Institutions Rating Division

Hendro is a Senior Vice President - Financial Institutions Ratings Division.  Began his career at PEFINDO in 2004, he also involves in Structured Finance as well as Mutual Funds ratings. Before joining PEFINDO, Hendro worked in the fields of risk management and corporate banking in several joint-venture banks for about seven years. Hendro earned a Bachelor degree in Economics, majoring in Money and Banking, from University of Indonesia.

Danan Dito is a Assistant Vice President - Financial Institutions Ratings Division covering banking, multi-finance, securities, and insurance sectors. Dito joined PEFINDO in July 2009. Before joining PEFINDO, he has several years of experience as a Credit Analyst including one-year stint with PT Moody’s Indonesia. Dito graduated from Baylor University, Texas, USA, with a Bachelor degree majoring in Finance.

Hotma Manalu is a Manager – Financial Institution Ratings with primary responsibility covering Bank, Insurance, Securities and Multifinance companies. Prior to joining PEFINDO, he played critical role in coal mining advisory team at PT Triventure Investment Group, Jakarta (2007-2010), performed supervisory jobs at PT Bangun Tetap Prima (2002), and worked as Merchandiser Trainee at PT Matahari Putra Prima Tbk (2001). He has been lecturing in University of Indonesia since 2000. Ian earned academic degrees from University of Indonesia: MM in Capital Markets (2006), SE in Management at Faculty of Economics (2000), SSi in Geophysics at Faculty of Mathematics and Natural Sciences (1999).

Titan is a Manager – Financial Institution Ratings covering  Bank, Insurance, Securities and Multifinance companies; Prior joining the company he was with PT CIMB Niaga Tbk., Jakarta as a Widebanking Analyst (2010-2011). He earned MSc in Finance from Loyola University Maryland - Sellinger School of Business & Management, Baltimore, USA (2008) and also BSc on Chemistry from University of Indonesia, Jakarta (2004).

Putri is an Assistant Manager – Financial Institution Ratings Division. Prior joining the company she was doing audit work with Pricewaterhouse Coopers Indonesia – KAP Tanudiredja, Wibisana & Rekan (2011-2012) and KPMG Siddharta & Widjaja, Jakarta (2009-2010). She earned Bachelor Degree in Accounting from Atma Jaya Catholic University, Jakarta (2009).

Dyah is a Manager – Financial Institution Ratings Division. Prior joining PEFINDO she was doing banking job at Standard Chartered Bank Jakarta as Relationship Manager (2011-2012), another banking training and career at BCA-Jakarta (2008-2011). Initially she was doing auditing job at Ernst & Young Indonesia (2007-2008). She got Bachelor Degree in Accounting from University of Indonesia (2007).

Gary is an Assistant Vice President – Financial Institution Ratings Division. Prior to joining PEFINDO he worked in banking as a Relationship Manager at AIB Corporate Banking in Ireland (2011-2012) and prior to that at AIB NAMA (National Asset Management Agency) as Portfolio Credit Manager (2010-2011). Previously he was at AIB Global Treasury Credit as Senior Credit Analyst (2005-2010). Gary earned Bachelor of Commerce from University College Dublin specializing in Banking & Finance (2000). He was awarded the CFA Charter in 2008 by the CFA Institute. He also holds certifications from the Institute of Bankers-Ireland in “Credit & Lending Assessment” as well as “Accredited Product Advisor in Loans”.



Achmad Kurniawan Sudjatmiko is an Assistant Manager - Equity & Index Valuation Division covering small- and medium-size enterprises. Before joining PEFINDO in 2010, he worked at Truscel Capital – Corporate Finance and Advisory Services as Corporate Finance Associate and also for PT Bank Permata as an Audit Officer. He earned a Magister Management degree in Capital Market Management from University of Indonesia and a Bachelor degree in Finance from Perbanas School of Economics.

Guntur is an Assistant Manager – Equity & Index Valuation in Equity and Index Valuation Division, covering equity valuation reports and PEFINDO 25 small cap index. Prior to joining PEFINDO, he was doing research jobs at several consulting companies (PT Hesa Laras Cemerlang, PT Capital Price Indonesia, PT Mars Indonesia, PT De Vanir Source Indonesia, PT Financial Bisnis Indonesia, PT Daya Dimensi Indonesia, PT Communication Cable System Indonesia). After graduating from Physics Department, University of Indonesia (2004), he earned a Master degree from Graduate School in Management Studies (2007) from the same university.

Madjid  is an Assistant Manager – Equity & Index Valuation in Equity & Index Valuation Division, covering equity valuation reports. Before joining PEFINDO, he was an internship student at IDX (Indonesian Stock Exchange) and graduated from University of Brawijaya, Malang (2011). As Indonesian student, he had also participating organization role at AIESEC during his study at Brawijaya University (2007-2011).

Hasan is an Assistant Manager – Equity & Index Valuation in Equity & Index Valuation Division, covering equity valuation reports. Prior to joining PEFINDO, he had worked at Batavia Prosperindo Securities (2012) and Henan Putihrai Securities (2012-2013), doing Equity Research. He passed CFA Examination Level 1, and graduated from Economic Faculty ABFII PERBANAS (2011).


Code of Conduct

Since its establishment in 1994 PEFINDO has provided independent, objective and credible credit rating products to cater to the needs of the capital market. In conducting its rating process all PEFINDO employees shall comply with this Code of Conduct (“the Code”).

This Code has been structured to closely track and primarily adhere to the following guidelines:

  1. Code of Conduct Fundamentals for Credit Rating Agencies (“IOSCO Code”) published by International Organization of Securities Commissions (“IOSCO”). IOSCO consists of securities regulator from more than 100 countries.
  2. Code of Ethics and Best Practices Framework adopted by Association of Credit Rating Agencies in Asia (“ACRAA”). ACRAA is an association formed by Asian credit rating agencies, and assisted by Asian Development Bank (“ADB”).

In the interest of transparency, PEFINDO has posted this Code on its website at In making this Code publicly available PEFINDO does not assume any responsibility or liability to any third party arising from or relating to this Code or PEFINDO’s adherence to this Code thereof. This Code is not part of any contract with any third party, and no third party shall have any right to enforce any of its provisions.

PEFINDO using its own discretion may revise this Code at any time to reflect changes in PEFINDO’s ratings policies and procedures or to address any changes in market, legal or regulatory circumstances.

For more details on PEFINDO code of conduct please see this Code of Conduct in Bahasa

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For any inquiries, please contact
Ibu Yuyun Djuniar
Phone : (62-21) 7278 2380
Fax     : (62-21) 7278 2370
Email  : Corp.Communication