S&P: Excelcomindo on watch

Standard & Poor's said it placed its BB- long-term corporate credit rating on PT Excelcomindo Pratama Tbk., on CreditWatch with negative implications following the announcement that its parent, Telekom Malaysia Bhd. (foreign currency A-/Watch negative, local currency A/Watch negative), intends to separate its cellular and international operations from its fixed-line business.

At the same time, S&P said it BB- rating on Excelcomindo's outstanding senior unsecured notes has been placed on CreditWatch with negative implications.

The agency noted that the ratings on Excelcomindo factor in the potential financial support from the parent company.

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