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S&P lifts 10 Indonesia companies view to positive
Standard & Poor’s said it revised the outlook on eight Indonesian companies and two Indonesian financial institutions to positive from stable and affirmed the ratings.
The agency said it affirmed PT Perusahaan Listrik Negara’s corporate credit rating at BB and raised its Asean regional scale to axBBB from axBBB-.
PT Pertamina’s corporate credit rating was affirmed at BB+ and Asean regional scale rating at axBBB+.
PT Pelabuhan Indonesia II’s corporate credit rating was affirmed at BB+ and Asean regional scale rating at axBBB+.
PT Pelabuhan Indonesia III’s corporate credit rating was affirmed at BB+ and Asean regional scale rating at axBBB+.
PT Perusahaan Gas Negara Tbk.’s corporate credit rating was affirmed at BB+ and Asean regional scale rating at axBBB+.
PT Telekomunikasi Selular’s foreign-currency rating was affirmed at BBB- and local-currency rating at BBB and its Asean regional scale rating was raised to axA+ from axA.
PT Astra International Tbk.’s corporate credit rating was affirmed at BBB- and Asean regional scale rating at axA-.
PT Indosat Tbk.’s corporate credit rating was affirmed at BB+ and Asean regional scale rating at axBBB.
PT Bank Negara Indonesia Tbk.’s issuer credit ratings were affirmed at BB and its Asean regional scale rating was raised to axBBB/axA-3 from axBBB-/axA-3.
Lembaga Pembiayaan Ekspor Indonesia’s (Indonesia Eximbank) issuer credit ratings were affirmed at BB+ and Asean regional scale rating at axBBB+/axA-2.
The outlook revision to positive reflects a similar outlook revision on the country of Indonesia, S&P said, given their relationship to the government.
The agency said it expects the government to maintain its majority ownership and continue to influence the business and financial strategy of these companies over the next two years at least.
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