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S&P ups Kaltim Prima credit to BB-
Standard & Poor's said it raised its corporate credit rating on PT Kaltim Prima Coal to BB- from B+.
The outlook is stable.
The rating reflects operating and regulatory risks, an inherent industry risk and an affiliation through parent PT Bumi Resources Tbk. to the Bakrie Group, an Indonesian conglomerate that may adopt an aggressive financial policy to the detriment of Kaltim Prima's credit, the agency said.
S&P said these risks are partly offset by the company's low-cost profile, proximity to end-markets, limited currency risk, low exposure to the Indonesian banking system, some insulation from sovereign debt risks and adequate coal reserve life, estimated to be over 15 years.
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