Fitch rates Perusahaan Listrik Negara's notes 'BBB-(EXP)'

(Jakarta/Singapore, 16 October 2012) -- Fitch Ratings has assigned Indonesia-based PT Perusahaan Listrik Negara's (PLN; 'BBB-'/Stable) upcoming issue of 30-year USD bonds a 'BBB-(EXP)' rating. The bonds will be issued under its USD2bn global medium term notes (GMTN) programme.

The notes are rated at the same level as PLN as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company. The final rating of the proposed notes is contingent upon the receipt of documents conforming to information already received.

The net proceeds from the bond issue will be used for PLN's capex and general corporate purposes. 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)