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Jakarta Post

Pefindo raises PLN bond ratings on better subsidy scheme

  • The Jakarta Post

Jakarta   /   Sat, May 15 2010   /  07:53 am

Credit rating agency PT Pemeringkat Efek Indonesia (Pefindo) has raised bond ratings for PT Pembangkit Listrik Negara (PLN) from AA- to AA+, citing solid support given by the government to the state electricity producer, PLN's improved subsidized electricity payment schemes. The AA+ rating will apply to the state electricity producer's existing bonds, worth Rp 10.54 trillion (US$1.16 billion), and to PLN's sharia bonds (sukuk ijarah), which are valued at Rp 1.56 trillion, state news agency Antara reported on Friday. Pefindo also issued an AA+ rating for PLN's Rp 2.5-trillion bonds and for up to Rp 500 billion of sharia bonds that the state power company hopes to issue later this year, said a Pefindo report. Government support of PLN was evident in presidential regulation No. 4/2010 and in energy and mineral resources minister regulation No. 02/2010, which supported and acc...