Moody's ups Semen Gresik

Moody's Investors Service said it upgraded the corporate family rating of PT Semen Gresik (Persero) Tbk to Ba1 from Ba2.

The outlook is stable.

The upgrade concludes a review that began in December, Moody's said, and also reflects the decision to raise the Indonesian government's sovereign rating to Ba1 with a stable outlook.

Semen Gresik's credit strength remains impressive despite the company being part way through a major expansion program, the first for more than 10 years, the agency said.

Given the company's strong liquidity, Moody's said it expects Semen Gresik's own credit profile to remain robust through 2011 and 2012, even as the company considers overseas acquisitions and despite the upward pressure on energy costs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.