Fitch Ratings has given a BBB long-term rating to Indonesia-based Perusahaan Listrik Negara's proposed unsecured U.S. dollar notes, according to a recent release.

The notes have the same rating as the construction and engineering company's senior unsecured debt as they serve as its direct, unconditional, unsubordinated, and unsecured obligations.

The company's ratings are equivalent to those of its parent, the Indonesian sovereign, stemming from a very strong potential of government support.

Meanwhile, the company's "bbb-" standalone credit profile considers a history of timely subsidy and compensation receipts in line with a stable regulatory environment and a forecast of EBITDA net leverage of under 4x, Fitch said.

Changes in the sovereign's rating or likelihood of government support could trigger future rating actions.