Fitch Rates Pertamina's USD Bonds Final BBB

Fitch Ratings has assigned Indonesia-based PT Pertamina (Persero)'s (BBB/Stable) USD750 million 6.5% notes due in 2048 a final rating of BBB. The notes are issued under Pertamina's USD10 billion medium-term note programme.

Pertamina's ratings are equalised with those of its parent, Indonesia (BBB/Stable), in line with Fitch's Government-Related Entities Rating Criteria. This is based on our assessment of very strong linkages between Pertamina and the state as well as the state's incentive to provide support. Fitch continues to assess Pertamina's standalone credit profile at BBB-.

The US dollar notes are rated at the same level as Pertamina's senior unsecured debt as they constitute its direct, unconditional, unsubordinated and unsecured obligations.

The assignment of the final rating follows a review of final documentation conforming to the information already received. The final rating is the same as the expected rating assigned on 19 October 2018.