Fitch rates Pertamina BB+

Fitch Ratings said it assigned PT Pertamina Persero a BB+ long-term foreign-currency issuer default rating.

The outlook is positive.

Fitch said it rates Pertamina on the basis of the rating of its parent, the government of Indonesia, which has BB+ ratings and a positive view.

Overall, the legal, operational and strategic ties between the company and the government are strong enough to warrant equalization of Pertamina's rating with the sovereign's, the agency said.

While the government does not explicitly guarantee Pertamina's debt, Fitch said it believes that the company's important role in executing national energy policy would motivate the government to support Pertamina in a time of financial distress.

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