Fitch rates PLN notes BBB-

Fitch Ratings said it assigned Perusahaan Listrik Negara (PLN)'s (BBB-/positive) $2 billion global medium-term note program a BBB- rating.

At the same time, the agency assigned the upcoming issue of dollar-denominated bonds issued under the program a BBB-(EXP) rating.

The notes are rated at the same level as PLN's senior unsecured rating as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company.

Net proceeds will be used for PLN's capex and general corporate purposes.

Fitch said the ratings are equalized with those of PLN's parent, the Republic of Indonesia (BBB-/positive), reflecting strong legal, operating and strategic linkages, in accordance with Fitch's parent and subsidiary linkage methodology.

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