Release: Moody's affirms B2 PT Indika Inti Energi rating

Hong Kong, May 12, 2007 -- Moody's Investors Service has affirmed its B2 corporate family rating of PT Indika Energi (Indika). At the same time, Moody's has affirmed its B2 rating for the 5-year, $250m senior secured bond issued by Indo Integrated Energy BV and guaranteed by Indika following the completion of the bond issuance. Both ratings have been removed from their provisional status. The ratings outlook is stable.

 

The bond proceeds will be used for refinancing, acquisitions, investments and for general corporate purpose.

 

Indika is a privately-held, integrated energy group based in Indonesia. Its principal investment is its 46% shareholding in Kideco, Indonesia's third largest domestic coal producer. In addition, Indika is involved in Engineering, procurement and Construction (EPC) and Operations and Maintenance (O&M) businesses through its wholly owned subsidiary Tripatra which has a long established history of successfully completing such projects in Indonesia for major international oil companies. (end of release)