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| Some Pertamina's container trucks deliver fuel supply in Jakarta. (illustration) |
Fitch Ratings gave BBB- for global bonds of PT Pertamina worth 3.25
billion USD of total global medium-term bond worth 5 billion USD.
Associate Director of Fitch Singapore Shahim Zubair said Pertamina
ranking is helped with Indonesian ratings.
"Pertamina is one of most important state owned company in
implementing national energy policy and become the sole oil refinery in
Indonesia," Zubair said on Thursday.
More than 50 percent of Pertamina sales is derived from the sale of
subsidized fuel products. Fitch believes subsidy payments which is
received by Pertamina will keep running in the future, due to rising
prices of subsidized fuel products. It will also remain a political
challenge.
Pertamina issued global bonds in two series with different tenors.
First series worth 1.625 billion USD with a tenor of 10 years and a
coupon of 4.35 percent per year. Second series was published the same
value with a tenor of 30 years and a coupon 5.635 percent per year.
Foreign investors, particularly from Asia showed pretty high
interests on the company's bonds. At least, Asian investors absorbed 29
percent of the first series and 38 percent of the second series.
Pertamina would use results of global bonds to boost capital expenditure
and general corporate needs, such as to increase the flexibility of
production in the upstream and refining operations.
Sources :
http://www.republika.co.id/berita/en/jakarta-region-others/13/05/17/mmwlic-pertamina-global-bonds-get-bbb-rating
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