Moody's Ratings Upgrades Bayan Resources to Ba1; Outlook Stable

Singapore, June 19, 2025 -- Moody's Ratings (Moody's) has upgraded Bayan Resources Tbk (P.T.)'s (Bayan) corporate family rating (CFR) to Ba1 from Ba2. At the same time, we have changed the outlook to stable from positive. "The upgrade to Ba1 reflects Bayan's status as one of the largest thermal coal producers in Indonesia as well as our expectation that it will continue to maintain its strict adherence to conservative financial policies," says Anthony Prayugo, a Moody's Ratings Analyst. "Bayan's credit quality is supported by its growing thermal coal operations, which have low operating costs and generate solid profitability even during coal price downcycles," adds Prayugo, also Moody's Ratings lead analyst for Bayan.