Moody’s gives Star Energy notes Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating to Star Energy Geothermal (Wayang Windu) Ltd.’s proposed senior secured notes of up to $650 million.

The outlook is stable.

Star Energy intends to use the proceeds to refinance existing borrowing and for general corporate purposes.

"The (P)Ba3 rating reflects Star Energy's predictable revenue profile, underpinned by a solid operating track record and strong take-or-pay features under its Energy Sales Contract (ESC) with Perusahaan Listrik Negara (P.T.) (PLN, Baa3 positive)," Moody's vice president and senior analyst Spencer Ng said in a news release.

"At the same time, Star Energy's credit profile is constrained by its dependence on the continuous supply of steam resources, and by its high financial leverage."

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