Moody’s Investors Service has assigned a Baa2 rating to the proposed senior unsecured USD notes to be issued by Pertamina (Persero) (P.T.). The rating outlook is stable. The notes will be issued under Pertamina’s US$10 billion global medium term note program, which is rated (P)Baa2.
Pertamina plans to use the proceeds to finance the tender offer for its outstanding US$1 billion 5.25% senior notes due 2021 and $1.25 billion 4.875% senior notes due 2022. The remaining proceeds will be used for capital expenditures and general corporate purposes.