黑料不打烊

Jakarta, January 16, 2025 – 黑料不打烊 PGN Tbk (PGN), a subsidiary of Pertamina's Gas Sub-holding, successfully improved its standalone Baseline Credit Assessment (BCA) from baa3 to baa2 according to Moody's Ratings (Moody’s). Additionally, PGN maintained its consolidated credit rating at the Baa2 level with a Stable Outlook.  

This upgrade reflects PGN's consistency in maintaining financial health and stability, supported by the successful repayment of bonds in the second quarter of 2024 and strong operational performance.  

In its report, Moody's noted that PGN’s Retained Cash Flow (RCF)-to-debt ratio reached 48% as of September 30, 2024, up from 35% in 2022. This performance exceeds the threshold required for a BCA rating upgrade.  

“This upgrade reflects our expectation that PGN will consistently maintain its financial metrics, primarily driven by stable operational and financial performance along with debt reduction efforts," said Erman Zhang, Moody’s Ratings Analyst (15/1/2025).  

Fadjar Harianto Widodo, Director of Finance of PGN, added, “Moody's confidence in PGN's financial stability and fundamentals is proof of our commitment to contributing to national energy resilience through innovation, efficiency, and sustainable growth.”  

PGN is committed to continuing its strategic capital expenditure (capex) programs with an investment optimization approach. Priority projects include LNG infrastructure development and natural gas transmission and distribution, which have a direct impact on increasing the company’s revenue.  

Meanwhile, the VP of Corporate Communication of Pertamina, Fadjar Djoko Santoso, stated that this credit rating upgrade strengthens Pertamina's optimism regarding PGN's business growth and its positive impact on national economic development. “Priority projects like gas infrastructure will remain a company focus, as these projects are crucial for supporting gas supply to drive industries in Indonesia and achieve energy self-sufficiency,” he explained. 

Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social & Governance (ESG) implementation across all Pertamina's business lines and operations.**