Moody's shifts Indika outlook to stable

Moody's Investors Service said it revised the outlook to stable from negative and affirmed the Ba3 corporate family rating of Indika Energy Tbk., the Ba3 ratings on the $575 million backed senior secured notes due 2024 issued by Indika Energy Capital III Pte. Ltd., and the $675 million backed senior secured notes due 2025 issued by Indika Energy Capital IV Pte. Ltd.

"The outlook revision to stable reflects our expectations that Indika's credit metrics will improve and remain within the parameters of its Ba3 ratings over the next 12-18 months, amid an increase in thermal coal prices from the low levels observed in 2020," said Maisam Hasnain, a Moody's vice president and senior analyst, in a press release.

"The affirmation of Indika's Ba3 ratings reflects the company's diversified operations, long operating track record, solid liquidity and continued adherence to prudent financial policies," added Hasnain, who is also Moody's lead analyst for Indika.

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