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Moody’s rates Pertamina notes Baa2
Moody's Investors Service said it assigned a Baa2 rating to the proposed senior unsecured dollar notes to be issued by Pertamina (Persero).
The outlook is stable.
The notes will be issued under Pertamina's $10 billion global medium term note program.
Pertamina plans to use the proceeds to finance the tender offer for its outstanding $1 billion 5¼% senior notes due 2021 and $1.25 billion 4 7/8% senior notes due 2022. The remaining proceeds will be used for capital expenditures and general corporate purposes.
Moody’s said Pertamina Baa2 issuer rating primarily reflects its standalone credit quality, as captured in its baa3 baseline credit assessment.
“Pertamina's baa3 BCA reflects its integrated oil and gas operations, significant upstream production and hydrocarbon reserves, as well as large-scale downstream business with substantially full control of Indonesia's refineries, fuel marketing stations and gas pipelines,” Rachel Chua, Moody's assistant vice president and analyst, said in a news release.
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