Pefindo removes Medco's rating creditwatch

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo), an Indonesian rating agency, removed "Creditwatch with developing implications" status on the rating of PT Medco Energi Internasional Tbk.Ronald Hertanto and Vonny Widjaja, two Pefindo's analysts, said
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News Editor - Bisnis.com 13 Desember 2010  |  08:13 WIB

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo), an Indonesian rating agency, removed "Creditwatch with developing implications" status on the rating of PT Medco Energi Internasional Tbk.Ronald Hertanto and Vonny Widjaja, two Pefindo's analysts, said in a press release today that the removal was granted after Pertamina cancelled the acquisition of Encore Energy Pte Ltd, Medco's majority shareholder.Medco obtains idAA- rating with negative outlook for its bonds series II/2009 and medium term note series I-III/2009-2010.The synergy of PT Pertamina (Persero) and PT Medco Energi Internasional Tbk had been put off after the acquisition of Encore International Limited, which reportedly valued at US$700 million, was dropped.The British Virgin Island-based Encore owns 60.6% shares of Encore Energy Pte Ltd while the Singapore-based Encore Energy holds 50.7% shares in Medco. (T04/NOM)

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