Moody's gives Ba3 to Indika notes

Moody's Investors Service said it affirmed the Ba3 corporate family rating of Indika Energy Tbk. and the Ba3 ratings on the $285 million backed senior secured notes due 2023 issued by Indo Energy Finance II BV, the $265 million backed senior secured notes due 2022 issued by Indika Energy Capital II Pte. Ltd. and the $575 million backed senior secured notes due 2024 issued by Indika Energy Capital III Pte. Ltd.

At the same time, Moody's said it assigned a first-time Ba3 rating to the backed senior secured notes to be issued by Indika Energy Capital IV Pte. Ltd.

The proceeds from the notes will be primarily used to refinance existing debt. The notes are unconditionally and irrevocably guaranteed by Indika and will rank pari passu with Indika's outstanding U.S. dollar notes.

The outlook remains negative.

“The affirmation of Indika's Ba3 ratings reflect its diversified operations, long operating track record, solid liquidity, and continued adherence to prudent financial policies – as shown by its planned U.S. dollar notes issuance to proactively refinance its debt maturities ahead of schedule,” said Maisam Hasnain, a Moody's assistant vice president and analyst, in a news release.

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