Moody's Investors Service has assigned a provisional (P)Ba1 rating to the 30-year US$ bonds to be issued by PT Pertamina (Persero). The outlook on the rating is stable.
Moody's will remove the bond rating's provisional status upon completion of the issuance and satisfactory review of the final documentation. The bond proceeds will be used for financing capital expenditures and for general corporate purposes.
Citigroup, HSBC and Credit Suisse acted as joint bookrunners in the transaction.
Currently, Pertamina is underway to issue US$1 billion unsecured bond with 10 years tenor. The 5.25% bond has been assigned a definitive Ba by Moody's.
Moody's definitive rating on this debt obligation confirms the provisional rating assigned on 9th May 2011. The rating agency's rationale was set out in a press release published on the same day, and explored more fully in a Credit Opinion published on 10th May 2011.
Disclosure: No position at the stock mentioned above.
Print This Article