Fitch ups Excelcomindo Pratama to BB

Fitch Ratings said it upgraded PT Excelcomindo Pratama Tbk's long-term foreign- and local-currency issuer default ratings to BB from BB-.

The outlook is stable.

The action follows the completion of the company's Rp2.8 trillion 1:5 rights issue.

Fitch said the upgrade reflects the strong strategic ties between the company and its majority shareholder, Indocel Holdings Sdn Bhd, a 100% owned subsidiary of Axiata Group Bhd.

Participation in its rights issue and Indocel's commitment to act as a standby buyer of the unsubscribed portion demonstrates an increased support, the agency said.

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