Fitch affirms Indika Energy

Fitch Ratings said it affirmed PT Indika Energy Tbk's long-term foreign- and local-currency issuer default ratings at B, along with senior unsecured rating at B on its $250 million senior notes due in 2012 with a recovery rating of 4.

The outlook remains positive.

The affirmation comes after the company's plans to acquire an 81.95% stake in PT Petrosea Tbk for about $83.8 million. The acquisition is in line with Indika's strategy for expansion in the energy sector in the areas of resources, infrastructure and service businesses, Fitch said.

Petrosea's business, which complements Indika's existing businesses, could result in greater synergies across the company's major business activities, the agency added.

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