Moody's affirms Excelcomindo Pratama

Moody's Investors Service said it affirmed PT Excelcomindo Pratama Tbk's Ba2 local-currency corporate family rating and its Ba3 foreign-currency bond rating.

The outlook on the local-currency rating remains positive and the foreign-currency bond rating is on review for possible upgrade.

The affirmation follows Moody's decision to place on review for possible downgrade the A2 rating of Telekom Malaysia, Excelcomindo Pratama's major shareholder, following Telekom Malaysia's news of a planned demerger of its domestic fixed-line and broadband business from its domestic and overseas cellular operations. Telekom Malaysia's ownership will be transferred to the newly established RegionCo, Moody's said.

The affirmation reflects Moody's expectation that Excelcomindo Pratama will continue to benefit from the support of RegionCo given its high level of ownership.

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