Moody's revises Indika view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed the Ba3 corporate family rating of Indika Energy Tbk.

"The change in Indika's outlook to negative from stable reflects our expectation that its credit metrics will deteriorate over the next 12 months, amid a challenging operating environment including weak thermal coal prices," said Maisam Hasnain, a Moody's assistant vice president and analyst, in a press release.

At the same time, Moody's affirmed the Ba3 ratings on the $285 million backed senior secured notes due 2023 issued by Indo Energy Finance II BV, the $265 million backed senior secured notes due 2022 issued by Indika Energy Capital II Pte. Ltd., and the $575 million backed senior secured notes due 2024 issued by Indika Energy Capital III Pte. Ltd. All the notes are guaranteed by Indika and rank pari passu.

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