Moody’s rates Pelabuhan Indonesia bond Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to PT Pelabuhan Indonesia III (Persero) (Pelindo III) and a provisional Baa3 to its proposed senior unsecured bond.

The outlook is stable.

Pelindo III's provisional Baa3 ratings reflect its baseline credit assessment of baa3. The ratings do not factor in any uplift from the government due to Pelindo III's high baseline credit assessment of baa3 relative to Indonesia's sovereign rating of Baa3.

Nevertheless, Moody’s said it believes that the Indonesian government will provide a strong level of support in the event that extraordinary financial support is required, particularly in light of its full ownership of Pelindo III.

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