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Fitch affirms Adaro
Fitch Ratings said it affirmed PT Adaro Indonesia's long-term foreign- and local-currency issuer default ratings at BB+, along with its $800 million of senior unsecured notes due in 2019.
The notes are guaranteed by its parent, PT Adaro Energy Tbk.
The outlook is stable.
The ratings are based on the credit profile of Adaro Energy given the strong rating linkages, Fitch said.
There is a high level of operational integration between the two companies while there is limited ring-fencing of Adaro's cash flows, Fitch said.
The ratings reflect Adaro's position as one of the world's lowest-cost producers of thermal coal, a track record of strong and profitable production growth, established relationships with creditworthy customers, solid liquidity and the robust credit metrics of both Adaro Energy and Adaro, the agency said.
The ratings also consider the possible weakening of credit metrics relative to the first half of 2011 due to Adaro Energy's partly debt-funded resource acquisition and development activity, Fitch said.
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