Fitch assigns PLN's USD1bn 2042 notes 'BBB-' final rating

(Singapore, 19 October 2012) -- Fitch Ratings has assigned Indonesia-based PT Perusahaan Listrik Negara's (PLN; 'BBB-'/Stable) USD 1bn notes due in 2042 a final rating of 'BBB-'. The bonds are issued under its USD2bn global medium term notes (GMTN) programme.

The assignment of the final rating is in line with the expected rating assigned on 16 October 2012 and follows a review of final documentation materially conforming to the draft documentation previously reviewed.

The notes are rated at the same level as PLN's ratings as they constitute direct, unconditional, unsubordinated and unsecured obligations of the company. As per Fitch's parent-subsidiary linkage methodology, the company's ratings are equalised with those of its parent, the Indonesian sovereign, based on the strong ties between the two. (ends)