Moody's Investor Services has today withdrawn its B1 local currency corporate family rating for PT Berau Coal. Moody's has withdrawn this rating for business reasons.
The last rating action was on 14th December 2006 when Moody's assigned Berau's B1/stable corporate family rating following the completion of Empire Capital Resources Pte Limited's US$325 million bond issuance exercise which was guaranteed by Berau.
PT Recapital Advisors eventually accomplished the acquisition of 90 percent shares of PT Berau Coal holding company cost US$1.52 billion.
Berau is Indonesia's fifth largest producer and exporter of thermal coal.It operates three active mines at a single site in East Kalimantan. It has estimated resources of approximately 1.9 billion tons, with probable and proven reserves estimated at 280 million tons.
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