Moody's: No change for Excelcomindo Pratama

Moody's Investors Service said recent news by Telekom Malaysia International Bhd. to raise $1.8 billion in debt to fund its investment in a 19% stake in Spice Communications/Idea Cellular will have no impact on the Ba2 local-currency family rating of PT Excelcomindo Pratama Tbk.

The investment will not impact the support level given that Excelcomindo will continue to remain a core overseas investment, Moody's said.

Excelcomindo's final rating of Ba2 benefits from a one notch uplift due to support from Telekom Malaysia, an 83.8% shareholder. The uplift can be sustained despite Telekom Malaysia's additional debt and weakened credit profile, the agency said.

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