Fitch ups three Indonesian utilities from junk

Fitch Ratings said it upgraded the ratings of PT Pertamina (Persero), PT Perusahaan Listrik Negara (Persero) and PT Perusahaan Gas Negara Tbk to BBB- from BB+ following the upgrade to Indonesia's long-term foreign- and local-currency issuer default ratings to BBB- from BB+.

The outlook is stable.

The ratings of Pertamina and PLN are equalized with those of the sovereign given the strong legal, operational and strategic linkages, Fitch said. Perusahaan Gas' ratings are constrained by Indonesia given its majority ownership by the state.

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