Moody’s acts on Indonesian corporates

Moody's Investors Service said it took action on non-financial corporates in Indonesia that are also government-related issuers following the upgrade of Indonesia.

The agency upgraded the issuer and senior unsecured ratings of Pertamina Persero to Baa2 from Baa3 and revised the outlook to stable from positive.

Moody's affirmed the Baa1 issuer rating of Telekomunikasi Indonesia (Telkom) and the Ba2 corporate family rating of Wijaya Karya (Persero) Tbk. The outlook is stable.

“Pertamina's ratings upgrade follows the upgrade of the sovereign rating and reflects the company's strategically important position as Indonesia's only national integrated oil and gas company,” Rachel Chua, Moody's assistant vice president and analyst, said in a news release.

"Telkom's rating is one notch above the rating of the sovereign and reflects its standalone credit strength without any tangible uplift due to government ownership,” Nidhi Dhruv, Moody's vice president and senior analyst, added.

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