Fitch ups Pelindo bonds

Fitch Ratings said it raised PT Pelabuhan Indonesia (Persero)’s $500 million of senior unsecured bond due 2023 and $500 million of senior unsecured bond due 2024 to BBB from BBB-. The rating watch positive on these bonds has been resolved.

The agency also affirmed the long-term foreign-currency issuer default rating at BBB. The rating watch negative has been resolved.

“The affirmation follows the merger of four Indonesian state-owned port operators in October 2021, with PT Pelabuhan Indonesia II (Persero) as the surviving entity. The merged entity was renamed Pelindo. The affirmation also follows the acquisition by its subsidiary of a 55% stake it did not hold in a toll road asset. Pelindo's BBB ratings are equalized with that of the Indonesian sovereign (BBB/stable). It reflects strengthening of linkages with the Indonesian sovereign and a downward revision in its standalone credit profile (SCP) to bbb- from bbb,” Fitch said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.