Moody's turns Bayan outlook to positive

Moody's Investors Service said it affirmed PT Bayan Resources Tbk.'s Ba3 corporate family and senior unsecured notes rating and changed the outlook to positive from stable.

"The revision in outlook to positive reflects Bayan's very low leverage following its large notes buy back with cash and our expectation that the company will maintain strong credit metrics with minimal reliance on incremental debt and very good liquidity over the next 12-18 months," said Maisam Hasnain, a Moody's assistant vice president and analyst, in a press release.

"Bayan's improving credit profile is supported by its increasing thermal coal volumes following the increase in production at its Tabang mines in recent years, the long reserve life of its mines and the company's solid profitability," added Hasnain, who is also Moody's lead analyst for Bayan.

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