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Fitch assigns Pertamina notes BBB
Fitch Ratings said it assigned a rating of BBB to PT Pertamina (Persero)’s proposed dollar-denominated notes to be issued under its $10 billion global medium-term note program.
Pertamina’s ratings are equalized with that of its parent, the Republic of Indonesia, in line with Fitch’s government-related entities rating criteria. “This is based on our assessment of very strong linkages between Pertamina and the state as well as the state’s incentive to provide support. Fitch continues to assess Pertamina’s standalone credit profile (SCP) at bbb-,” said Fitch in a press release. Pertamina is also the state holding company for the oil and gas sector.
The notes are rated at the same level as Pertamina’s senior unsecured debt as they constitute direct, unconditional, unsubordinated and unsecured obligations of Pertamina.
The proceeds will be used for capex and general corporate purposes.
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