Fitch rates Pertamina notes BBB-

Fitch Ratings said it assigned a BBB- rating to PT Pertamina's $5 billion global medium-term note program.

At the same time, Fitch assigned a BBB-(EXP) rating to Pertamina's dollar-denominated bonds to be issued under its global medium-term note program.

The notes are rated at the same level as Pertamina's BBB- issuer default rating, as they will constitute direct, unconditional and senior unsecured obligations of the company.

The proceeds from the bond issue will be used for Pertamina's capex and general corporate purposes. Pertamina is expected to step up its capex significantly in the medium term to increase upstream production and refinery operating flexibility, Fitch said.

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