Fitch affirms Pertamina

Fitch Ratings said it affirmed PT Pertamina (Persero)'s long-term foreign-currency issuer default rating at BBB with a stable outlook.

The agency also affirmed Pertamina's senior unsecured rating, $10 billion global medium-term note program and existing senior unsecured notes at BBB.

Pertamina's ratings are equalized with that of its parent, the Republic of Indonesia (BBB/stable), in line with the agency’s Government-Related Entities Rating Criteria.

This is based on Fitch’s assessment of very strong linkages between Pertamina and the state as well as the state's incentive to provide support.

The agency said it continues to assess Pertamina's standalone credit profile at BBB-.

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