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Media Release

2018-07-19

FITCH Upgrades MedcoEnergi's Rating Outlook to

Jakarta, 19 July 2018 – Fitch Ratings today affirmed PT Medco Energi Internasional Tbk’s ("MedcoEnergi" or the "Company") as B issuer rating but revised their outlook from to Positive from Stable. The rating outlook was revised due to the rating agency’s expectations of an improvement in MedcoEnergi's financial profile, driven by strong oil and gas prices. This revised rating outlook follows a similar revision to Positive by Moody’s in January this year.

Roberto Lorato, Director and CEO of PT Medco Energi Internasional Tbk said "We are grateful for the outlook upgrade. The revision reflects the Company’s consistent delivery on its commitments. We are continuing to pay attention to cost efficiency and deleveraging in this strong commodity price environment.”