Moody's may up Adaro Indonesia

Moody's Investors Service said it placed PT Adaro Indonesia's Ba3 local-currency corporate family and foreign-currency bond ratings under review for possible upgrade.

The review has been prompted by a continued improvement in Adaro's financial profile and strong operating performance, Moody's said.

The company has materially strengthened its balance sheet through continued deleveraging and also has a certainty of cash flow driven by its ability to lock in customers for substantial proportions of forward production over the next three years, the agency said.

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