REPUBLIKA.CO.ID, JAKARTA - Fitch Ratings gave BBB- for global bonds of PT Pertamina worth 3.25 billion USD of total global medium-term bond worth 5 billion USD. Associate Director of Fitch Singapore Shahim Zubair said Pertamina ranking is helped with Indonesian ratings. 

"Pertamina is one of most important state owned company in implementing national energy policy and become the sole oil refinery in Indonesia," Zubair said on Thursday. 

More than 50 percent of Pertamina sales is derived from the sale of subsidized fuel products. Fitch believes subsidy payments which is received by Pertamina will keep running in the future, due to rising prices of subsidized fuel products. It will also remain a political challenge. 

Pertamina issued global bonds in two series with different tenors. First series worth 1.625 billion USD with a tenor of 10 years and a coupon of 4.35 percent per year. Second series was published the same value with a tenor of 30 years and a coupon 5.635 percent per year. 

Foreign investors, particularly from Asia showed pretty high interests on the company's bonds. At least, Asian investors absorbed 29 percent of the first series and 38 percent of the second series. Pertamina would use results of global bonds to boost capital expenditure and general corporate needs, such as to increase the flexibility of production in the upstream and refining operations. 

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