Fitch gives Perusahaan Gas bonds BBB-

Fitch Ratings said it assigned PT Perusahaan Gas Negara's proposed senior unsecured dollar-denominated bonds a BBB-(EXP) rating.

The notes are rated at the same level as Perusahaan's issuer default rating of BBB- because they will constitute direct, unconditional and senior unsecured obligations of the company.

Proceeds will be used for Perusahaan's capex and general corporate purposes. The company expects to increase its investments in upstream oil and gas assets over the medium-term in order to secure its supply of natural gas.

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