Fitch stabilizes Saka Energi outlook

Fitch Ratings said it revised PT Saka Energi Indonesia's outlook to stable from negative and affirmed the B+ long-term issuer default rating. The agency also affirmed Saka's senior unsecured U.S. dollar bonds at B+ with an RR4 recovery rating.

“The outlook revision reflects Saka's improved business profile as its reserves increased in 2022 beyond our previous expectations. Saka's proved reserve life rose to 6.2 years by end 2022 from 4.8 years in 2021. Fitch believes the risks of a decline in Saka's operating profile in the near-to-medium term have been reduced with the adequate reserves. We expect parent PT Perusahaan Gas Negara Tbk. (PGN, BBB-/Stable) to help Saka repay or refinance its U.S. dollar notes due 2024,” the agency said in a press release.

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