Moody's ups Antam notes to B2

Moody's Investors Service said it upgraded to B2 from B3 its foreign currency rating for the U.S. dollar guaranteed notes of Antam Finance Ltd. At the same time, Moody's upgraded its local currency issuer rating for Antam to B2 from B3. The outlook is stable.

The rating is based on the unconditional and irrevocable guarantee provided by PT Aneka Tambang (Persero) Tbk, which owns 100% of Antam Finance.

Moody's said the rating action considers Antam's improved financial performance for 2004 and the satisfactory progression of the construction of Antam's third ferronickel smelter and its associated power plant.

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