S&P affirms Excelcomindo

Standard & Poor's said it affirmed its BB- corporate credit ratings on PT Excelcomindo Pratama Tbk. and removed them from CreditWatch with negative implications.

The outlook is stable.

According to the agency, the BB- ratings on all foreign currency senior unsecured debt were also affirmed.

The ratings were placed on CreditWatch with negative implications on Oct. 1, following Excelcomindo's parent company announcement that it planned to spin off its cellular and international operations, S&P said, adding that the ratings on Excelcomindo no longer factor in the potential financial support from the parent company, Telekom Malaysia Bhd. (foreign currency A-/positive, local currency A/stable).

The ratings actions are based on Excelcomindo's improvement in business risk profile following the company's expanded network coverage and greater economies of-scale, the agency said.

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