S&P ups PGN view to positive

Standard & Poor's said it revised the outlook on PT Perusahaan Gas Negara (Persero) Tbk. to positive from stable and affirmed the BB+ long-term corporate credit rating. S&P also affirmed its axBBB+ long-term Asean regional scale rating on the company.

"The outlook revision reflects our view that PGN's cash flow and leverage will improve over the next 12 to 18 months, and that the Indonesian government will continue to support the company," said S&P credit analyst Rajiv Vishwanathan in a news release.

S&P said it has revised its assessment of the company's financial risk profile to "modest" from "intermediate." The agency assesses PGN's business risk profile as "fair."

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