Moody’s rates Indika notes Ba3

Moody’s Ratings said it rated Indika Energy Tbk.’s planned senior secured notes Ba3.

The agency concurrently affirmed Indika’s Ba3 corporate family rating, the Ba3 ratings on the backed senior secured notes due 2024 issued by Indika Energy Capital III Pte. Ltd., and the backed senior secured notes due 2025 issued by Indika Energy Capital IV Pte. Ltd.

Indika will use the proceeds to fund a capped tender offer Indika has announced on its 2025 notes.

"The affirmation of Indika's Ba3 CFR reflects the long operating track record of its thermal coal mining operations and Indika's continued adherence to conservative liquidity and balance sheet management, as evidenced by its proactive refinancing of its November 2024 notes maturities ahead of schedule and its planned refinancing of its October 2025 notes," said Maisam Hasnain, a Moody's vice president and senior analyst, in a press release.

The outlook is stable.

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