Moody's: Excelcomindo Pratama unchanged

Moody's Investors Service said news of the proposed disposal by Indocel Holding SDN Bhd., a wholly-owned subsidiary of TM International Bhd, of part of its equity interest in PT Excelcomindo Pratama Tbk will have no impact on its Ba2 corporate family and senior unsecured bond ratings or its Aa1.id national scale rating.

The partial sale will not affect the expected support coming from TM International given that Excelcomindo will remain a key part of its international strategy and one of its largest revenue and EBITDA contributors, Moody's said.

Excelcomindo's Ba2 rating benefits from a one-notch uplift based on support from TM International, its 83.8% shareholder, the agency said.

Although the final amount of shares to be sold as part of this process has not been determined and is subject to market conditions, Moody's said it expects TM International will at least retain majority control.

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