Fitch rates PT PLN's Notes 'BB+(exp)'

(Jakarta/Sydney/Singapore-15 November 2011)--Fitch Ratings has assigned a 'BB+(exp)' rating to PT Perusahaan Listrik Negara's (PLN) 10-year US-dollar bonds to be issued under its USD2bn global medium term notes (GMTN) program. 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 issuance will be used for PLN's capex and general corporate purposes. As per Fitch's parent-subsidiary linkage methodology, the company's ratings (Long-Term Foreign Currency Issuer Default Rating: 'BB+'/Positive) are equalised with those of its parent, the Indonesian sovereign, based on the strong ties between the two. (ends)