SINGAPORE (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today assigned its'BB-'long-term issue rating to U.S. dollar-denominated senior unsecured notes that Medco Redwood Tree Ltd. issued. The company is a wholly owned financing subsidiary of Medco Energi Internasional Tbk. PT, which will unconditionally and irrevocably guarantee the notes. We equalize the issue rating on the proposed notes with the issuer credit rating on Medco Energi (BB-/Stable/--), an Indonesia-based oil and gas company. The company primarily operates in Indonesia, a jurisdiction where we believe the priority of claims in a theoretical bankruptcy is highly uncertain. Medco Energi will use proceeds from the issue to refinance its outstanding indebtedness, including guaranteed notes maturing in 2028-2029. Independent to the bond issuance,
