Moody’s rates Jasa Marga bond Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to PT. Jasa Marga (Persero) Tbk. and its proposed senior unsecured global IDR bond.

The outlook is positive.

Proceeds will be used to assist in funding Jasa Marga's capital expenditure requirements.

Moody’s said the Baa3 ratings reflect: (a) Jasa Marga's baseline credit assessment (BCA) of ba2; and (b) a two-notch uplift based on Moody's expectation that the company will receive a high level of support from the Indonesian sovereign (Baa3 positive) in times of need.

The agency believes that Jasa Marga plays a critical role in Indonesia's plan to develop transport infrastructure, particularly the toll roads sector.

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