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S&P may up Berau Coal Energy
Standard & Poor's said it placed the B+ long-term corporate credit ratings on PT Berau Coal Energy Tbk, along with the rating on its senior secured notes due 2015 on CreditWatch with positive implications.
The watch placement comes after Vallar plc's announcement that it would acquire a controlling stake of 75% in Indonesia-based coal mining company, Berau Energy.
The positive watch reflects a view that the proposed acquisition could improve Berau Energy's financial risk profile, S&P said.
The agency said it expects the transaction will improve overall cash flow adequacy and capital structure for Berau Energy.
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