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Fitch Revises Aneka Gas Outlook to Positive; Affirms 'A-(idn)'

By Fitchratings.com14 May 2018

Fitch Ratings-Jakarta-14 May 2018: 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)'. A full list of rating actions is at the end of this commentary.

The Outlook revision reflects the company's deleveraging plan, which could result in leverage, measured by adjusted net debt/operating EBITDAR, falling to less than 3.5x, the level at which Fitch would consider positive rating action, in the next two years. Aneka Gas's financial profile is showing improvement, supported by capacity expansion, and its strong market position with high barriers to entry. However, the company has adopted an aggressive capex plan in the past and if its capex programme diverges from our assumption, this could result in the Outlook reverting to Stable.

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