Fitch assigns PT Inco BB long-term foreign currency rating

(This is an amended version of a news release issued on Feb. 2 and contains revised rating information in the headline and first paragraph. Fitch is assigning a rating solely as a long-term foreign currency rating and not a senior secured rating as indicated earlier.)

Fitch Ratings said it initiated coverage on P.T. International Nickel Indonesia Tbk (PT Inco) by assigning a BB long-term foreign currency rating to the company. The outlook is stable.

Fitch said the rating recognizes PT Inco's substantial high-quality ore reserves, long track record of successful mining operations in Indonesia, limited currency risk exposure, strong offtake contracts, and quality of management.

The rating also recognizes PT Inco's exposure to nickel price volatility, the customary risks associated with mining, as well as the limitations associated with the Indonesian sovereign environment.

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