Moody’s: Indonesian infrastructure GRIs to positive

Moody's Investors Service said it took a number of rating actions on Indonesian infrastructure government-related issuers (GRIs) following the Feb. 8 outlook change on Indonesia's Baa3 sovereign rating to positive from stable.

As a result of the sovereign rating action, the agency changed the outlook on Perusahaan Gas Negara Tbk. (PGN) to positive from stable. Its Baa3 local currency issuer and foreign currency senior unsecured ratings were affirmed. The baa3 BCA remains unchanged.

Perusahaan Listrik Negara (PLN)’s outlook was revised to positive from stable. Moody’s affirmed its Baa3 local currency issuer and foreign currency senior unsecured ratings, as well as its provisional Baa3 senior unsecured medium-term note (foreign) rating. The ba2 BCA remains unchanged.

At the same time, the agency affirmed the Baa3 rating on the senior unsecured bond issued by Majapahit Holding BV, PLN's wholly owned subsidiary, and guaranteed by PLN. The outlook was revised to positive from stable.

Finally, Moody’s revised PT Pelabuhan Indonesia II (Persero)’s outlook to positive from stable and affirmed its Baa3 foreign currency issuer and senior unsecured ratings. The baa3 baseline credit assessment (BCA) remains unchanged.

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