Fitch gives Pertamina's notes BBB

Fitch Ratings said it assigned a BBB rating 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.

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 bond proceeds will be used for refinancing, capital expenditures and general corporate purposes.

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