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Fitch rates Medco Energi notes B
Fitch Ratings said it assigned an expected rating of B and recovery rating of RR4 to PT Medco Energi Internasional Tbk.'s proposed dollar-denominated notes.
The notes will be issued by Medco's wholly owned subsidiary, Medco Platinum Road Pte. Ltd. and guaranteed by Medco and several of its subsidiaries.
The notes are rated at the same level as Medco's issuer default rating as they constitute direct, unsubordinated and unsecured obligations of the company.
The ratings reflect the nature of the company's business as a small upstream oil and gas producer, Fitch said.
Medco has mostly controlling interests in seven main production assets in Indonesia from which it derives nearly all of its production.
The company's leverage is expected to keep improving due a rise in production volume over the next three to four years, Fitch said.
Oil and gas prices also are expected to improve modestly in the next few years.
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