Moody's ups Paiton Energy to Ba3

Moody's Investors Service said it upgraded to Ba3 from B1 the senior secured debt rating of Paiton Energy Funding BV, the obligations of which are guaranteed by PT Paiton Energy.

The outlook is stable.

The action follows the financing closure of Paiton's $1.52 billion expansion plan for its 815 megawatts P3 coal-fired power plant, Moody's said.

The upgrade also reflects Paiton's good operating track record and its strong debt service coverage ratio of about 1.3x to 1.5x in the next two years, the agency said.

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