Moody's rates Berau notes B1

Moody's Investors Service said it changed the outlook of Berau Coal Energy Tbk to positive from stable and affirmed the B1 corporate family and senior secured ratings.

Moody's also assigned a provisional B1 rating with a positive outlook to the proposed five-year senior notes.

"The proposed bond issuance and the higher capex during 2012 to 2013 will increase Berau's adjusted consolidated debt/EBITDA leverage to around 2x, which is still strong for the current rating. We expect Berau to gradually deleverage over the medium term," Moody's vice president and senior analyst Simon Wong said in a news release.

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