Press Release: Moody's: PGN foreign currency rating outlook positive

Hong Kong, February 18, 2005 -- Moody's Investors Service has today changed the outlook of PT Perusahaan Gas Negara (PGN)'s B2 foreign currency issuer rating and foreign currency debt ratings of PGN Euro Finance 2003 Ltd. and guaranteed by PGN to positive from stable. This rating action follows Moody's decision to change the outlook of Indonesia's B2 foreign currency sovereign ceiling for bonds to positive from stable. At the same time, Moody's has affirmed the Ba3 senior implied local currency rating and B1 local currency issuer rating of PGN. The ratings outlook is stable.

PT Perusahaan Gas Negara, headquartered in Jakarta, Indonesia and 61 percent owned by the Government of Indonesia, is engaged in the transmission and distribution of natural gas in the country, with leading domestic market shares. (end of release)