JAKARTA: Moodys investors Service upgrades the foreign denominated bond and company ratings of five Indonesian state-owned enterprises (SOE) to Ba1 from Ba2.The rating was set after the upgrade of government bonds yesterday. Not only the rating of 5 SOE, Moodys also upgraded the loan rating of 10 banks.Those companies having their ratings upgraded are PT Perusahaan Gas Negara Tbk (PGN), PT Telekomunikasi Indonesia Tbk, PT Telkomsel, PT Perusahaan Listrik Negara (PLN), and PT Semen Gresik Tbk."Driven by its solid operating profile, dominant market position, favorable trends in gas demand, and the relatively stable nature of the transmission and distribution business, PGN's baseline credit assessment is strongly positioned at the Ba2 level," Jennifer Wong, a Moody's AVP/Analyst said in a press release of the rating agency yesterday.She exposed that the rating also included high dependence and support from the government, as reflected from 57% ownership of the company held by the government.Moreover, the companys rating was also boosted by its strategic position as the primary distributor of natural gas.PGNs transmission business is operated by PT Transportasi Gas Indonesia (TGI), in which the listed SOE holds 60% shares.Moodys also upgraded the company and bond ratings of PLN to Ba1 because the company provides integrated electricity service, as the government supports with subsidy to unsure its sustainability and healthy operation.The dependence and support form the government made Moodys also set the rating of PLN at the same level of government bonds (SUN).At the same time, PT Sement Gresik Tbk got its rating upgraded to level Ba1 because the companys credit is considered impressive though it is in the process of big expansion, the first since the last 10 years.Alan Greene, Moodys Lead Analyst, noted that Semen Gresik had IDR3.4 trillion in cash and its credit was at IDR400 billion in September.Given the company's strong liquidity, we expect Semen Gresik's own credit profile to remain robust through 2011 and 2012, even as the company considers overseas acquisitions, and despite the upward pressure on energy costs", said Greene. (t04/wiw)

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