Moody's announces completion of a periodic review of ratings of Cikarang Listrindo (P.T.)

(Singapore, May 20, 2021) -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Cikarang Listrindo (P.T.) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 12 May 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Key rating considerations are summarized below.

Cikarang Listrindo (P.T.)'s Ba2 rating reflects (1) its status as the sole power supplier to a large and diversified base of industrial customers in its 5 industrial estate (IE) areas, (2) its strong reliability and operating performance, and (3) the supportive tariff structure with its IE customers which allow Cikarang to pass through changes in fuel costs and movement in foreign exchange rates and (4) its power supply agreements with Perusahaan Listrik Negara (P.T.) (PLN, Baa2) with take-or-pay elements.

This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.

The principal methodology used for this review was Unregulated Utilities and Unregulated Power Companies published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. (ends)