WIKA joins PTPP in default. PEFINDO cut WIKA’s SR Bond III Phase I to idD (from idCCC) after the deferral of the coupon due 3 November 2026; corporate rating maintained at idSD, SR Bond II at idD, SR Sukuk Mudharabah I/II/III at idD(sy), other outstanding bonds/sukuk at idCCC. PEFINDO may review if WIKA resolves principal, coupon and profit-sharing payments on its matured bonds/sukuk, and cited a weak financial and liquidity profile plus prior expansion risk. Shareholders at 30 June 2026: the Government (golden share), Danantara Asset Management 90.11%, BP BUMN 0.91%, public 8.98%.