Moody’s reports stable prospect on Semen Gresik
Moody’s Investor Services has granted Ba2 rating with stable prospect and
national rating of Aa2.id for Semen Gresik, two points higher than the
sovereign rating of Indonesia. Senior Analyst of Moody’s Laura Acress said
that the rating reflects that Semen Gresik is dominant cement player in
Indonesia.
Semen Gresik’s President Commissioner Rizal Ramli said that the rating is in
line with the plan to issue dollar bonds as the company has planned to
develop five million tons facility and to expand the existing facilities by
1.5 million tons.
Semen Gresik’s President Director Dwi Sutjipto added the company has planned
to increase the production capacity by 6.5Mt in 2011. The additional 1.5Mt
will be through debottlenecking. He also said the company will develop power
plants at the capacity of 410 MW for the internal power consumption.
Semen Gresik’s Vice President Director Rudiantara added the company’s cash
reserve is now US$200m and will increase to US$250m at the
Year end.
Published under Cement News
