Moody’s has assigned a Baa3 rating to the proposed senior unsecured USD notes of Cikarang Listrindo (P.T.) (Cikarang), and placed the Ba1 corporate family rating (CFR) on review for an upgrade. The rating actions are driven by the debt reduction, which enhances the company's financial metrics, reflecting the company's prudent financial strategy.
These ratings are also supported by the company's strong operational track record, exclusive status in its service area, stable cash flow from a supportive tariff structure, and a diversified quality customer base.
Discussion Topics:
- What factors underpin Cikarang’s credit quality?
- What are the potential downside risks?
- Why is credit quality moving towards investment grade territory?
Speakers
Abhishek Tyagi
Vice President – Senior Credit Officer, Project & Infrastructure Finance
Moody's Ratings
Erman Zhang
Analyst, Project and Infrastructure Finance
Moody's Ratings
Charlotte Yong
Rating Associate, Project & Infrastructure Finance
Moody's Ratings
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Abhishek Tyagi is a Vice President – Senior Credit Officer with Moody’s Project and Infrastructure Finance Group, based in Singapore. He covers companies in the port, airport and utility sectors in India and Southeast Asia.
Prior to joining Moody’s, Abhishek worked for eight years as an equity analyst with CLSA in Mumbai, covering Indian utilities and infrastructure companies. Previous positions also included an investment analyst at B&K Securities in Mumbai and a supply chain analyst with Tata Steel in Jamshedpur.
Abhishek holds an MBA from the Xavier Institute of Management, Bhubaneshwar and a Bachelor of Technology (Metallurgy and Material Science) from the Indian Institute of Technology (IIT) Roorkee.
Erman Zhang is an Analyst in Moody’s Project and Infrastructure Finance Group. Based in Singapore, she covers project and infrastructure credits in South and Southeast Asia.
Erman has several years of experience in infrastructure and asset finance. Prior to joining Moody’s, she worked in Mizuho Bank’s Singapore branch, covering a portfolio of major shipping companies. Erman’s previous roles included being a manager at the Singapore branch of bank of China, covering infrastructure and project finance in Southeast Asia, and being a corporate relationship manager at HSBC China.
Erman holds an MBA from the Nanyang Technology University in Singapore, a Master of Science in Economics from the Hong Kong University of Science and Technology and a Bachelor of Arts in Economics from the Sun Yat-Sen University in China. Erman is also a CFA charterholder.
Based in Singapore, Charlotte covers project finance, transport, utilities and other infrastructure credit in Southeast Asia and India.
Charlotte holds a bachelor’s degree with honors in Accountancy, majoring in Applied Finance, from the Singapore Institute of Technology.