Pefindo improves rating outlook of PLN's bonds
Wednesday, September 29 2004 - 02:52 AM WIB
Indonesian rating agency Pefindo expected that it would be able to improve the rating outlook of the state owned electricity company PLN's upcoming bonds following the improvement of the company's financial performance.
Pefindo's president Ananta Wiyogo said in Jakarta on Tuesday that the rating agency had improved the rating outlook of PLN's Bond VI worth Rp 600 billion issued in 1997 to "positive" from "stable" following the improvement in the company's financial performance.
With the improvement of the financial condition, Ananta hoped that PLN's upcoming bonds which were now under preparation could receive an investment grade of at least idBBB.
PLN is preparing the issuance of a new bond series, which is expected to be launched in the local financial market before the end of this year to raise fresh funds for its expansion plan. The company has yet to disclose the value of the bonds, which will be registered in the capital market sometime next month. (*)