S&P acts on Indonesia-related companies

S&P said it took the following rating actions on three Indonesian government-related entities and the outstanding notes issued or guaranteed by them.

“We lowered the long-term issuer credit rating and the long-term issue rating on toll-road developer and operator PT Jasa Marga (Persero) Tbk. to BB- from BB+. The outlook is negative,” the agency said in a press release.

The agency also downgraded the long-term issuer credit rating and the long-term issue rating on port operator PT Pelabuhan Indonesia II (Persero) to BBB- from BBB. The outlook is stable.

“We revised the outlook on port operator PT Pelabuhan Indonesia III (Persero) to negative from stable and affirmed the BBB- long-term issuer credit rating and long-term issue ratings on its senior unsecured notes,” the agency said.

“The rating actions follow our review of likelihood of timely extraordinary government support. In our view, the government is now less likely to support the three GREs due to the commercial nature of their operations, even though they continue to deliver on the government's important infrastructure agenda,” S&P said.

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