Moody's ups PT Perusahaan to Ba3

Moody's Investors Service said it upgraded to Ba3 from B1 the corporate family rating and senior unsecured bond rating of PT Perusahaan Listrik Negara. Moody's also said it upgraded to Aa2.id from A1.id its national scale rating.

This action follows Moody's decision to upgrade to Ba3 from B1 the Indonesian government's long-term foreign-currency and local-currency ratings. The outlook is stable, consistent with the outlook on the government ratings.

Given the company's 100% ownership by the Ministry of State-Owned Enterprises and its importance as Indonesia's only vertically integrated electricity utility, Moody's said it considers the rating to be strongly linked to the government's credit quality.

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