JAKARTA: Fitch Ratings has upgraded PT Aneka Gas Industri's (AGI) national long-term rating to 'A-(idn)' from 'BBB(idn)' with stable outlook.
AGI's bond I and Islamic bond I worth respectively IDR80 billion and IDR160 billion, have also been upgraded to 'A-(idn)' from 'BBB(idn)'. Both bonds due in July 2013,
The upgrade reflects Fitch's view that AGI's capex plans will be completed on a timely basis, with limited execution risk.
AGI is expecting to incur additional capex of IDR574billion between 2012 and 2013, of which 58% is to be funded by long-term bank loans. AGI is investing in three new air separation plants in Gresik, Batam and Makassar and its first CO2 plant in Subang. It expects to start commercial operation of the Gresik and Subang plants in the second half of 2012.
Company's debt noted at 2.5 times in 2011 while EBITDA is at 3 times. (T05/aph)