Moody's upgrades Berlina

PT Moody's Indonesia said it upgraded the national scale corporate family and bonds ratings of PT Berlina Tbk. to Baa2.id from Baa3.id.

The outlook is stable.

The agency said the upgrade reflects Berlina's strengthened financial profile - the debt-to-EBITDA ratio strengthened to 2.0 times in 2008 from 3.6 times in 2007 - and also the effective removal of the refinancing risk for its Rp 117 billion bonds due December 2009 through a five-year amortization loan arrangement with PT Bank CIMB Niaga Tbk.

The stable outlook reflects Moody's expectation that Berlina will be able to maintain its stable operating performance while pursuing its business growth.

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