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Fitch affirms Perusahaan Gas
Fitch Ratings said it affirmed PT Perusahaan Gas Negara Tbk.'s long-term foreign and local currency issuer default ratings at BBB-.
The agency also affirmed its senior unsecured rating and the rating on its $1.35 billion 5 1/8% bonds due 2024 at BBB-.
At the same time, Fitch affirmed the company’s long-term rating at AA+(idn).
The outlook is stable.
“PGN's issuer default ratings are one notch below those of its immediate parent, PT Pertamina (Persero) (BBB/stable) based on our assessment of the strong linkages between PGN and Pertamina, as per our parent and subsidiary rating linkage criteria,” the agency said in a news release.
“PGN's national ratings also are based on the parent and subsidiary rating linkage criteria.”
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