S&P revises Persero view to developing

S&P said it revised the outlook on PT Pelabuhan Indonesia III (Persero) to developing from positive.

The agency also said it affirmed the company’s BB+ long-term corporate credit rating and axBBB+ long-term Asean regional scale rating.

S&P also said it affirmed the BB+ issue rating on Pelindo III's $500 million senior unsecured notes.

The outlook revision to developing is due to the uncertain direction for the rating, the agency explained.

An upgrade of Indonesia would likely lead to an upgrade of Pelindo III, S&P said.

But prospects for a weaker balance sheet and higher leverage at the company over the next 12- to 18-months could translate into a lower rating level if the sovereign credit rating on Indonesia stays at BB+ over the next period, the agency said.

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