Moody's rates Perusahaan Listrik Negara notes Baa2

Moody's said it assigned a Baa2 rating to the proposed senior unsecured notes to be issued by PT Perusahaan Listrik Negara (PLN, Baa2 stable).

The outlook is stable.

The company plans to use the proceeds to partially fund its capital expenditure requirements and for general corporate purposes relating to its 35,000MW capacity addition program.

“The Baa2 ratings for the notes and the MTN program reflects the application of Moody's rating methodology for Government-Related Issuers (GRIs) (June 2018) that combines: (1) the company's standalone credit quality, or baseline credit assessment (BCA) of ba2; and (2) Moody's assessment of the credit support that the government of Indonesia (Baa2 stable) is likely to provide in a distressed situation in light of its 100% ownership of PLN which results in three-notch uplift,” Moody’s said in a news release.

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