Moody's rates Energi Mega notes B3

Moody's Investors Service said it assigned a first-time provisional B3 corporate family rating to PT Energi Mega Persada Tbk and a provisional B3 rating to the company's proposed dollar-denominated notes.

The outlook is stable.

The proceeds will be used to refinance some of the company's existing debt and to fund working capital. The ratings are supported by the company's stable gas revenue, which is underpinned by long-term contracts, Moody's said.

But, the company operates on very high leverage, which is an overriding constraining factor for its rating, the agency said.

© 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.