Fitch Rating untuk Saham INDY
Fitch Ratings has upgraded Indonesia-based PT Indika Energy Tbk's (Indika) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'B+' from 'B-' and removed the ratings from Rating Watch Positive. The Outlook is Positive. The agency has also upgraded Indika's outstanding senior notes due 2023 and Indika Energy Capital II Pte Ltd's USD265 million senior notes due 2022 (guaranteed by Indika) to 'B+' from 'B-' with a Recovery Rating of 'RR4'. Fitch has also assigned Indika Energy Capital III Pte. Ltd.'s USD575 million senior notes (guaranteed by Indika) a final rating of 'B+' with a Recovery Rating of RR4'.
The upgrade reflects Fitch's expectations of improvement in Indika's credit profile following the acquisition of an additional stake in PT Kideco Jaya Agung (Kideco), Indika's key coal mining asset. The additional stake in Kideco, in our view, will increase cash flows available to Indika, based on Fitch's updated coal price assumptions relative to the additional debt required for financing the transaction. We believe Indika's consolidated business profile and credit metrics, given its enhanced operating and financial control of Kideco, will be comparable with other low 'BB' rated coal peers. However, the company's lumpy debt maturities constrain the ratings.
The Positive Outlook reflects Fitch's expectations of the flexibility available to Indika to address its lumpy debt maturities. We believe Indika has the flexibility to improve its capital structure by reducing its debt through the use of its cash flow or refinancing part of its existing debt in the near to medium term well before the debt maturities.
The assignment of the final rating to the USD575 million notes follows a review of the final documentation, which conforms to the draft documentation previously received. The final rating is the same as the expected rating assigned on 27 September 2017. (end)
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