Moody’s rates Inalum notes Baa2

Moody's Investors Service said it assigned a Baa2 issuer rating to Indonesia Asahan Aluminium (Persero) (PT) (Inalum) and a Baa2 rating to the company's proposed senior unsecured notes.

The outlook is stable.

Proceeds from the notes will be used to fund a portion of Inalum's proposed $3.85 billion payment to increase its share ownership of PT Freeport Indonesia to 51.23%, inclusive of the government of Papua's 10% stake, from 9.36%.

“Inalum's ba2 BCA reflects its diversified mining portfolio across coal, gold, nickel, tin, copper and aluminium, as well as its low cost, globally competitive operations,” Brian Grieser, Moody's vice president and senior credit officer, said in a news release.

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