Correction: Fitch Revises Outlook on Aneka Gas to Positive; Affirms at 'A-(idn)'
By fitchratings.com21 October 2021
Fitch Ratings - Jakarta - 11 Oct 2021: This is a correction of a release published 8 October 2021. It amends the positive and negative rating sensitivities.
Fitch Ratings Indonesia has revised the Outlook on PT Aneka Gas Industri Tbk's National Long-Term Rating to Positive from Stable and affirmed the rating at 'A-(idn)'. At the same time, Fitch has affirmed Aneka Gas's outstanding bond and sukuk programme and its outstanding bond and sukuk issuances.
The revision in the Outlook reflects our expectation that Aneka Gas's leverage will improve to below 3.0x by 2023, which is under the level at which Fitch would consider positive rating action. The company's acquisition of assets from Samator will support faster revenue growth, improve profitability as purchases from external parties are reduced, and strengthen its market-leading position. Fitch expects Aneka Gas's capex to stabilise after the significant Samator acquisition was completed in March 2021.
'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country.
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