Jakarta, Indonesia, June 27, 2024 – PT Medco Energi Internasional Tbk (MedcoEnergi) reports a credit upgrade to BB- by S&P Global Ratings (S&P).

S&P has upgraded MedcoEnergi's credit rating to BB- from B+. This follows an upgrade by Fitch Ratings from B+ to BB- in May 2024. In their summary S&P highlighted the financial flexibility provided by MedcoEnergi's 20.92% equity stake in Amman Mineral Internasional (AMMN)¹. The 20.92% equity stake in AMMN has a market value in excess of US$10 billion.

Hilmi Panigoro, President Director of MedcoEnergi, said, "This is a further recognition of MedcoEnergi's successfully executed business strategy of acquisition, organic growth and deleveraging. Our consistent operational performance has delivered a strong financial profile which has positioned us well to continue executing our strategy in the future."