Feb 2, 2011

Moody's withdraws Energi Mega ratings

Moody's Investors Service has withdrawn PT Energi Mega Persada Tbk's (ENRG) provisional (P)B3 corporate family rating, and the provisional (P)B3 rating on its proposed bonds.
Moody's Investors Service has withdrawn the credit ratings for its own business reasons.
The last rating action with respect to Energi Mega was on November 2, 2010, when the first-time (P)B3 ratings were assigned.
Energi Mega is an independent oil & gas exploration and production company and affiliated with Bakrie family with total proved reserves of around 113 million barrels of oil equivalent (boe) and daily production of 13.3 mboe in 1H10.
Listed in Indonesia and headquartered in Jakarta, Energi Mega is 25.84%-owned by PT Bakrie and Brother Tbk, with a public float of 72.18%.

Disclosure: No position at the stock mentioned above.  

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