Moody’s rates Barito Pacific, notes B1

Moody’s Investors Service said it assigned a B1 corporate family rating to Barito Pacific Tbk. PT.

At the same time, Moody's assigned a B1 rating to its proposed senior secured notes.

The notes will be secured by a pledge of shares in Chandra Asri Petrochemical Tbk. (Ba3 stable).

The outlook is stable.

“Barito's B1 corporate family rating is supported by its two key equity investments – Chandra Asri at 46.26% and Star Energy Group Holdings Pte Ltd. at 66.7% – and the expectation that dividend flows from these investments will be sufficient to cover interest costs and operating expenses at Barito on an ongoing basis,” Brian Grieser, Moody's vice president and senior credit officer, said in a news release.

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