S&P lifts PLN from junk

S&P said it raised its long-term issuer credit rating on PT Perusahaan Listrik Negara (Persero) to BBB- from BB. The outlook is stable.

S&P also raised to BBB- from BB the long-term issue ratings on the U.S.-dollar denominated senior unsecured notes issued by PLN and the notes issued by Majapahit Holding BV and guaranteed by PLN.

“We upgraded PLN to reflect our view that the Indonesian government has put in place adequate mechanisms for supporting the company's financial obligations on an ongoing basis,” S&P said in a news release.

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