Moody's rates Perusahaan Gas bonds Baa3

Moody's Investors Service said it affirmed PT Perusahaan Gas Negara's Baa3 issuer rating and assigned a provisional Baa3 to its proposed senior unsecured bonds.

The outlook is stable.

"The senior unsecured rating of (P)Baa3 is mainly driven by PGN's good pricing power with a track record of cost pass through, favorable industry dynamics that offer strong growth potential, and a strong financial profile that is constrained by sizeable capital expenditure and upstream business expansion," Moody's associate vice president and analyst Ray Tay said in a news release.

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