Moody's rates new Excelcomindo notes B2

Moody's Investors Service said it assigned a provisional foreign currency long-term debt rating of prospective B2 to the proposed $300 million Rule 144A and Regulation S issue of Excelcomindo Finance Co. BV, a wholly-owned subsidiary of PT Excelcomindo Pratama.

The prospective B2 rating is based on the unconditional and irrevocable guarantee of the securities to be provided to the investors by Excelcomindo. The outlook is stable.

Moody's said the provisional B2 rating is based on Moody's review of documentation as of Dec. 30. Moody's said it expects to assign a B2 definitive rating upon review of the final documentation and the successful issuance and draw down of at least $220 million, which will be used to refinance the existing secured bank debt.

The issuance of a lesser amount may result in a final rating of B3, one notch lower, given that material amounts of secured bank debt would then remain outstanding, the agency said.

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