Pertamina upbeat to get B++ rating from Moody?s

State owned oil and gas company Pertamina is optimistic that international rating agency Moody?s Investors Service would give a B++ rating to the company, with a positive outlook thanks to the improvement of the company?s financial performance.

?We are quite optimistic that we will be able to get a B++ rating from Moody?s,? Pertamina?s finance director Alfred H. Rohimone was quoted as saying. He said that Pertamina had asked Moody?s and two other international rating agencies Standard and Poor?s and Fitch to rate the state owned oil and gas company to support its plan to issue bonds worth up to US$500 million early in 2006.

Meanwhile Alfred said that the ministry of finance had completed the auditing of Pertamina?s balance sheet.But, the firm had yet to receive the auditing result.

The rating agencies have been waiting for the finance ministry?s auditing result to complete their rating assessment on Pertamina?s financial condition.

Meanwhile Director General of Treasury at the Ministry of Finance, Mulya P. Nasution, confirmed that the Pertamina?s balance sheet as of Sept. 2003 had been completed. In the financial report, Pertamina?s total assets reached Rp 143.549 trillion, with debts totaling about Rp 87.503 trillion. The long-term loan to the government reached a total of Rp 28.762 trillion, while the government?s total equity reached Rp 106.046 trillion. (dino)