Moody's boosts Adaro

Moody's Investors Service said it upgraded PT Adaro Indonesia's corporate family rating to Ba2 from Ba3.

This action concludes the review for possible upgrade, which commenced on Nov. 6, the agency said.

The outlook is stable.

"The upgrade recognizes Adaro's improving fundamentals driven by continued deleveraging of the balance sheet, significantly lower cost of capital, ongoing operational efficiencies and the ability to lock in customers for substantial proportions of forward production for the next 3 years," said Laura Acres, a Moody's vice president.

Moody's also noted that Adaro has materially altered it debt structure post redemption of its $400 million bond facility and other debts in December 2007.

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