S&P changes Antam to positive

S&P said it revised its outlook on Antam (Persero) Tbk. to positive from stable.

At the same time, the agency affirmed the B- long-term issuer credit rating on the company.

S&P said the outlook revision reflects a view that Antam will continue to expand its operations and execute its downstream projects, thereby reducing leverage.

“We believe progressing toward completion of a new ferronickel plant, renewing or obtaining additional export quotas, and managing the ownership and operations of its subsidiary PT Indonesia Chemical Alumina (PT ICA) are important milestones for enhancement of the company's credit profile,” the agency said in a news release.

“We expect ANTAM will maintain sufficient liquidity while focusing on these projects, which will sustainably improve earnings.”

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