Fitch upgrades Pelindo II

Fitch Ratings said it upgraded PT Pelabuhan Indonesia II (Persero)'s (Pelindo II) long-term foreign-currency issuer default rating to BBB from BBB-.

The outlook is stable.

Fitch said the upgrade considers Pelindo II's market-leading position in Indonesia's container port industry, the strategic location of its flagship Tanjung Priok port as well as the long-term maturity of its concession, which ensures long-term visibility of group cash-flow generation.

Pelindo II also benefits from stable joint-venture rental income, despite moderate flexibility in modifying tariffs, the agency noted.

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