Fitch gives B+ to Medco notes

Fitch Rating said it gave a B+ rating to PT Medco Energi Internasional Tbk.'s planned senior notes to be issued by its wholly owned subsidiary, Medco Maple Tree Pte. Ltd. The recovery rating is RR4.

“The notes, which are guaranteed by Medco and some of its key subsidiaries, are rated at the same level as Medco's issuer default rating (IDR), as the notes constitute its direct, unsubordinated and unsecured obligations,” Fitch said in a statement.

Medco plans to use the proceeds to refinance part of its existing debt and might fund the potential acquisition of a Middle East oil and gas (O&G) asset.

The outlook is positive.

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