The Jakarta Post
After upgrading Indonesia’s sovereign rating to BBB from BBB- with stable outlook, Standard & Poor's (S&P) Global Ratings has also looked into the long-term debt rating of nine Indonesian companies and their bonds.
S&P has upgraded the rating of six companies, state-owned electricity company PLN, state-owned energy holding company Pertamina, two state-owned port operators -- PT Pelabuhan Indonesia II (Pelindo II) and PT Pelabuhan Indonesia III (Pelindo III) as well as two other private companies -- PT Cikarang Listrindo and PT Astra Internasional.
Meanwhile, S&P has changed the rating prospect from negative to stable for state-owned gas subholding company PT Perusahaan Gas Negara (PGN) and PGN subsidiary PT Saka Energi Indonesia. The rating firm has maintained the BB+/stable rating of state-owned toll road operator PT Jasa Marga.
Kontan.co.id reported on Monday that S&P considered that PLN and Pertamina had important roles in supporting the government performance. PLN and Pertamina’s ratings were upgraded to BBB with stable outlook from BBB-. The rating upgrade was also given to Majapahit Holding B.V., a PLN subsidiary that acts as issuer of PLN’s global bonds.
PT Pelindo II’s rating was upgraded to BBB from BBB-, while PT Pelindo III went from BB+ to BBB-with stable outlook as S&P took into consideration the high government support for the two companies.
The following are the ratings for the nine companies:
PLN to BBB/stable from BBB-/stable
Pertamina to BBB/stable from BBB-/stable
Pelindo II to BBB/stable from BBB-/stable
Pelindo III to BBB-/stable from BB+/stable
Cikarang Listrindo to BB+/stable from BB/stable
Astra International to BBB+/stable from BBB/stable for foreign exchange, while for the rupiah the rating is maintained as BBB+/stable
PGN to BBB-/stable from BBB-/negative
Saka Energi to BB+/stable from BB+/negative
Jasa Marga remains at BB+/stable. (bbn)