Moody's: Adaro bond unchanged

Moody's Investors Service said it sees no immediate impact on PT Adaro Indonesia's Ba1 corporate and senior unsecured bond ratings from PT Alam Tri Abadi's acquisition of a 75% stake in PT Mustika Indah Permai from Elite Rich Investment Ltd. for$225.5 million.

Adaro Indonesia is a wholly owned subsidiary of Alam Tri Abadi, which is in turn wholly owned by Adaro Energy Tbk, the ultimate parent, the agency noted, stating that the outlook remains stable.

"The acquisition has minimal impact on Adaro Indonesia's credit metrics asit is expected to be predominately funded by Adaro Energy's cash on hand.But it does highlight Adaro Energy's strategy to pursues its growth and diversification through an expanding portfolio of greenfield projects," said Simon Wong, a Moody's vice president and lead analyst for Adaro Indonesia.

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