Moody's lifts 5 Indonesia infrastructure firms

Moody's Investors Service said it upgraded the rating of five Indonesian infrastructure issuers following the recent upgrade of Indonesia's sovereign rating to Baa2 from Baa3.

The agency upgraded PT Perusahaan Listrik Negara (PLN)'s issuer rating and senior unsecured ratings to Baa2 from Baa3 and revised outlook to stable from positive. Its Ba2 baseline credit assessment was affirmed and its senior unsecured rating was upgraded to Baa2 from Baa3.

Moody's also said it upgraded the senior unsecured rating for the bond issued by Majapahit Holding BV, a wholly owned and guaranteed subsidiary of PLN, to Baa2 from Baa3.

Moody's also upgraded PT Perusahaan Gas Negara's (PGN) issuer and senior unsecured ratings to Baa2 from Baa3 and revised its outlook to stable from positive.

The agency also upgraded PT Jasa Marga (Persero) Tbk.'s issuer and senior unsecured ratings to Baa2 from Baa3 and revised outlook to stable from positive. Its ba2 baseline credit assessment was affirmed.

Moody's upgraded PT Pelabuhan Indonesia II (Persero)'s (Pelindo II) issuer and senior unsecured ratings to Baa2 from Baa3 and revised its outlook to stable from positive. Its ba1 baseline credit assessment was affirmed.

The agency noted that PT Pelabuhan Indonesia III (Persero)'s (Pelindo III)'s Baa3 foreign-currency issuer and senior unsecured ratings and ba1 baseline credit assessment are not affected by the upgrade of Indonesia's sovereign rating.

The ratings reflect the companies' strategically important position in Indonesia and their close linkages with the government, Moody's said.

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