Moody's ups Perusahaan Listrik

Moody's Investors Service said it upgraded PT Perusahaan Listrik Negara's corporate family rating and senior unsecured bond rating to Ba1 from Ba2.

The outlook is stable.

This upgrade follows Moody's decision to upgrade the Indonesian government's rating to Ba1 from Ba2.

Given the company's 100% ownership by the Ministry of State-Owned Enterprises, its strategic importance as Indonesia's only vertically integrated electricity utility, as well as ongoing government support through subsidies to ensure its financial viability and operational soundness, Moody's said it considers the company's rating to be closely integrated with, and strongly linked to, the government's credit quality.

An upgrade in the Indonesian government's rating has led to an upgrade in its rating, the agency said.

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