Moody's: Indofood local currency stable

Moody's Investors Service said it changed the outlook for PT Indofood Sukses Makmur Tbk's B1 local currency issuer rating to stable from negative. The outlook for its B2 foreign currency rating remains stable.

Moody's said the change in outlook reflects the company's maintenance of its dominant position in Indonesia's instant noodle and flour markets, although profitability is declining, its relatively strong credit metrics and management's intention to lower leverage.

The B1 rating reflects Indofood's leading position in Indonesia's processed food market, according to Moody's.

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