Moody's ups Medco view to stable

Moody's Investors Service said it changed the outlook on PT Medco Energi Internasional Tbk's B2 corporate family rating to stable from negative. The B2 corporate family rating was affirmed.

The outlook change reflects Medco's successful extension and retirement of its matured debts in the first half of 2010, Moody's said. The agency said it expects the company will continue to meet its refinancing requirement in the coming year.

Over the medium term, Medco will need to rely on debt funding for its capital expenditures to commercialize its reserves, Moody's said, therefore, the company's financial profile is unlikely to improve significantly.

Nonetheless, the agency said it expects the company's leverage and debt coverage metrics to remain at levels appropriate for its B2 rating.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.