Moody’s lifts Pertamina BCA to baa3

Moody's Investors Service said it affirmed Pertamina (Persero)'s Baa3 issuer and senior unsecured bond ratings, along with the provisional Baa3 rating on its $10 billion global medium-term note program.

At the same time, the agency upgraded the baseline credit assessment (BCA) to baa3 from ba1.

The outlook is positive.

"The upgrade of Pertamina's BCA reflects the company's strong financial performance in 2016, resulting in a strong improvement of its credit metrics," Moody's vice president and senior credit officer Vikas Halan said in a news release.

"While we expect that Pertamina's financial metrics will weaken over the next 12-18 months, they will remain well within the tolerance level for the baa3 BCA."

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