S&P lifts Antam

S&P said it upgraded the long-term issuer rating on PT Antam Tbk. to B from B-.

The positive outlook reflects a view that Antam will continue to increase ore sales and ferronickel capacity, while directing cash flows to downstream projects and dividends, S&P said.

“The rating upgrade on Antam reflects the company's execution on its operational targets and downstream projects, which have led to increased cash flows,” the agency said in a news release.

“We believe this will lead to the EBITDA to interest coverage ratio remaining above 3x and do not expect liquidity to constrain the company in the next 12 months.”

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