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Prospect News home > News index > List of issuers P > Headlines for PT Golden Energy Mines Tbk. > News item
Published on 4/10/2023 in the Prospect News Bank Loan Daily, Prospect News Emerging Markets Daily and Prospect News High Yield Daily.

Fitch elevates Golden Energy Mines to BB-

Fitch Ratings said it upgraded PT Golden Energy Mines Tbk.'s (GEMS) long-term issuer default rating to BB- from B+.

At the same time, Fitch Ratings Indonesia has upgraded GEMS's national long-term rating to A+(idn) from A(idn).

The outlook is stable.

Fitch said the upgrade reflects an improvement in GEMS's business profile after an increase in production in 2022, making its operational scale comparable with that of BB- rated peers in Indonesia. GEMS is now rated one notch above the consolidated credit profile of its parent, Golden Energy and Resources Ltd. (GEAR, B+/rating watch negative).


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