RELEASE: Moody's ups PGN Euro fin debt rating to Ba3

(Hong Kong, May 19, 2006) -- Moody's Investors Service has upgraded the foreign currency debt rating of PGN Euro Finance 2003 Ltd. and guaranteed by PT Perusahaan Gas Negara (PGN) to Ba3 from B1. This rating action follows Moody's decision to upgrade Indonesia's foreign currency sovereign rating for bonds from B2 to B1. At the same time, Moody's has affirmed the Ba2 corporate family rating of PGN. The rating outlook is stable.

PT Perusahaan Gas Negara, headquartered in Jakarta, Indonesia and 61% 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)