Moody's ups Adaro Indonesia to Ba1

Moody's Investors Service said it upgraded the local-currency corporate family rating for PT Adaro Indonesia to Ba1 from Ba2.

The upgrade acknowledges Adaro's strong and improving operating and financial profile and efforts to improve efficiencies and reduce costs, Moody's said.

Such strengths have been manifest in the generation of positive free cash flows over the last few years, which have been primarily applied to reducing total adjusted debt such that debt has fallen by more than 40% since 2006, the agency said.

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