Moody's: Indo Energy notes B1

Moody's Investors Service said it upgraded the corporate family and senior secured ratings on PT Indika Energy Tbk to B1 from B2.

The outlook remains positive.

Moody's also said it assigned a provisional B1 rating to the proposed seven-year senior notes to be issued by Indo Energy Finance BV and unconditionally guaranteed by Indika, PT Indika Inti Corpindo, the Tripatra entities and Indo Energy Capital BV.

The upgrade reflects Indika's strong operating performance and improved financial metrics and lower leverage, Moody's said.

The acquisition of PT Mitrabahtera Segara Sejati also has broadened Indika's coal value chain, the agency said.

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