Moody's ups Antam to Ba3

Moody's Investors Service said it upgraded PT Aneka Tambang Tbk's (Antam) corporate family rating to Ba3 from B1. This concludes the review for possible upgrade that began in October.

Moody's also said it assigned Antam a national scale rating of Aa3.id.

The outlook is stable.

The upgrade recognizes Antam's strengthened credit fundamentals, driven by continued strength in the base metals industry, persistently high nickel prices into 2008, favorable global demand and tight supply, Moody's said.

The rating also reflects Antam's small size and limited diversity with close to 90% of revenues from nickel production, the agency said, as well as its aggressive debt-funded acquisitions and plans to invest in gold reserves.

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