Fitch: Saka Energi notes BB+

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BB+ to PT Saka Energi Indonesia, along with an expected BB+ rating on its senior unsecured dollar notes.

The outlook is positive.

Saka's ratings are linked to its parent, PT Perusahaan Gas Negara Tbk., due to its strong operating and strategic linkages, Fitch said.

The strong linkage largely arises from Saka's mandate to improve the vertical integration of Perusahaan Gas, the agency explained.

Saka's ratings are notched down from Perusahaan's BBB- ratings to reflect its small size of operations, particularly its still-limited contribution to the parent company's revenues and minor share of its gas volume requirement, Fitch said.

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