Moody’s Investors Service affirmed Perusahaan Listrik Negara’s (PLN) Baa2 issuer rating. There is no change in the Baseline Credit Assessment (BCA) of ba2. The outlook on all ratings remains stable.

At the same time, Moody’s has affirmed (P)Baa2 ratings for the senior unsecured MTN programs of PLN and the Baa2 senior unsecured bonds of PLN. Moody’s has also affirmed the Baa2 senior unsecured ratings for the bonds issued by Majapahit Holding BV, PLN’s wholly owned subsidiary, and guaranteed by the company.

The stable outlook reflects the stable outlook on Indonesia’s sovereign rating and PLN’s strategically important position as Indonesia’s only vertically integrated electric utility, and its close linkage with the government.