Fitch: upgrades 3 Indonesian O&Gs & utilities to 'BBB-'

(Jakarta/Hong Kong/Singapore-15 December 2011)--Fitch Ratings has upgraded the ratings of PT Pertamina (Persero) (Pertamina), PT Perusahaan Listrik Negara (Persero) (PLN) and PT Perusahaan Gas Negara Tbk (PGN) to 'BBB-' following the upgrade to Indonesia's Long-Term Foreign- and-Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+'. The Outlooks on all three entities are Stable.

For further information on the upgrade of the Indonesian sovereign ratings, please refer to the rating action commentary, entitled "Fitch Upgrades Indonesia to 'BBB-'; Outlook Stable" dated 15 December 2011.

As per Fitch's Parent and Subsidiary Linkage methodology, the ratings of Pertamina and PLN are equalised with those of the sovereign given the strong legal, operational and strategic linkages. PGN's ratings are constrained by Indonesia given its majority ownership by the state.

A full breakdown of the ratings is as follows:
- PT Pertamina (Persero):
- Long-Term Foreign-Currency IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
- Senior unsecured notes upgraded to 'BBB-' from 'BB+'
- PT Perusahaan Listrik Negara (Persero) PT:
- Long-Term Foreign-Currency IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
- Foreign currency senior unsecured rating upgraded to 'BBB-' from 'BB+'
- USD2bn global medium term notes (GMTN) programme upgraded to 'BBB-' from 'BB+'
- USD1bn 10-year bond issued under its GMTN program upgraded to 'BBB-' from 'BB+'.
- PT Perusahaan Gas Negara Tbk:
- Long-Term Foreign-Currency and Local-Currency IDRs upgraded to 'BBB-' from BB+; Outlook Stable.(ends)