Moody’s Investors Service on Thursday upgraded the senior secured debt rating of Paiton Energy Funding to Ba3 from B1 with a stable outlook. The company’s debt obligations are guaranteed by PT Paiton Energy.
PT Paiton Energy owns and operates two 615 megawatt coal-fired power units in East Java. Paiton Energy Funding is a special purpose company created to manage bond funding for the power plants.
“The rating action follows the financing closure of Paiton’s $1.52 billion expansion plan for its 815MW P3 coal-fired power plant,” said Jennifer Wong, a Moody’s analyst. “The upgrade also reflects Paiton’s good operating track record.”