S&P rates Pelabuhan Indonesia III notes BB+

Standard & Poor’s said it assigned its BB+ long-term corporate credit rating and axBBB+ long-term Asean regional scale rating to PT Pelabuhan Indonesia III (Persero) (Pelindo III). The outlook is stable.

S&P also assigned a BB+ long-term issue rating to the senior unsecured notes that the company proposes to issue.

S&P said its rating on Pelindo III reflects the company’s exposure to Indonesia’s high country risk and execution risks in its substantial investments. Pelindo III’s resilient profitability and stable cash flows from operating key ports in central and eastern Indonesia temper these weaknesses.

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