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Fitch lifts Aneka Gas view to stable
Fitch Ratings said it revised PT Aneka Gas Industri's (Aneka Gas) outlook to stable from negative and affirmed the national long-term rating at A-(idn).
The agency also said it affirmed at A-(idn) the ratings on the company’s Rp 200 billion bond II and Rp 200 billion sukuk ijarah II year 2012, both due in December 2017.
The outlook revision follows news of the company's Rp 811 billion initial public offering, which provided it with much needed liquidity to repay debt and fund capital expenditure, Fitch said.
As a result, the company’s net debt-to-EBITDA ratio has declined to less than 4.5x, the agency explained.
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