Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for Indika Energy Tbk. > News item |
Moody's affirms Indika Energy
Moody's Investors Service said it affirmed its B2 corporate family rating for PT Indika Energy Tbk., along with its B2 rating for the $250 million senior secured five-year bond issued by Indo Integrated Energy BV and guaranteed by Indika.
The outlook is stable.
The affirmation follows Indika's plans to acquire an 81.95% stake in mining contractor PT Petrosea Tbk. The cost is estimated at $102.3 million, which Indika will fund from its cash on hand.
In the nine months to September 2008, Petrosea recorded revenues of $84.5 million and EBITDA of $25 million. Debt outstanding stood at $42.6 million on a fully consolidated basis. After the acquisition, Indika will have a pro forma debt-to-EBTIDA ratio of about 3.1x, which remains low for the rating level, Fitch said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.