Moody's affirms Adaro

Moody's Investors Service said it affirmed the Ba3 local currency corporate family rating for PT Adaro Indonesia and the Ba3 foreign currency rating for Adaro Finance BV's $400 million senior secured notes due 2010.

The outlook is stable.

This rating action follows the completion of the issuances of the senior secured notes and the company's $200 million four-year amortizing senior bank debt.

Moody's said proceeds have been used primarily to refinance existing secured bank debt and to repay a portion of the company's mezzanine financing, which were incurred to finance shareholder acquisitions of Adaro, IBT and another related group company.

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