Moody’s changes Medco Energi to positive

Moody's Investors Service said it affirmed the B2 corporate family rating of Medco Energi Internasional Tbk.

The agency also affirmed the B2 rating on the $400 million backed senior unsecured bonds issued by Medco Strait Services Pte. Ltd., a wholly owned subsidiary of Medco.

The outlook on Medco and Medco Strait Services was to positive from stable.

At the same time, Moody's assigned a B2 rating to the proposed dollar-denominated backed senior unsecured bonds to be issued by Medco Platinum Road Pte. Ltd., a wholly owned subsidiary of Medco.

The proposed bonds are irrevocably and unconditionally guaranteed by Medco and some of its subsidiaries.

The outlook on Medco Platinum Road is positive.

"The change in the ratings outlook to positive reflects our expectations that Medco's credit metrics will continue to improve over the next 12 months, underpinned by a combination of strong cash flow generation from its oil and gas business and the company's debt reduction plan," Moody's assistant vice president and analyst Rachel Chua said in a news release.

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