Singapore, April 01, 2014 -- Moody's Investors Service said today that the decline in 2013 performance for Gajah Tunggal Tbk (P.T.) (GT) does not impact its B2 corporate family rating. GT announced last week that its 2013 sales were down slightly at IDR12.4 trillion from 2012's IDR12.6 trillion and that increasing costs and a weakening Rupiah weighed on its profitability. We expect market conditions to remain challenging in 2014, thus limiting any immediate upside for GT's ratings, which remain well positioned to absorb weaker earnings.

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