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Moody's Investors Service Upgrades PT Perusahaan Gas Negara (Persero) Tbk Ratings-Reuters

Monday, 28 Oct 2013 08:00pm EDT 

Reuters reported that Moody's Investors Service has upgraded the rating of PT Perusahaan Gas Negara (Persero) Tbk (PGN) to Baa3 from Ba1. According to Moody's practice with investment-grade ratings, the corporate family rating of PGN has been withdrawn and simultaneously replaced with an issuer rating. The rating outlook is revised to stable from positive. PGN's Baa3 rating reflects the application of Moody's rating methodology for government-related issuers (GRIs), updated in July 2010, and which combines the Company's standalone credit quality, or baseline credit assessment (BCA) of baa3; and Moody's assessment of the credit support that the government of Indonesia (Baa3 stable) is likely to provide in a situation of stress. "The rating upgrade is mainly driven by PGN's pricing power with a track record of cost pass through, favorable industry dynamics that offer growth potential, and a solid financial profile that is constrained by upstream business expansion," says Ray Tay, a Moody's Associate Vice President and Analyst. 

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