Moody's cuts Excelcomindo Pratama view to negative

Moody's Investors Service said it changed the outlook on PT Excelcomindo Pratama Tbk's Ba2 local- currency issuer rating and senior unsecured foreign-currency rating to negative from stable.

The downgrade follows weaker-than-expected results for the fourth quarter of 2008, combined with concerns that this weakness is likely to continue in 2009, Moody's said.

The poor financial performance in the fourth quarter reflects a material slowdown from the previous quarter in terms of subscribers, revenue and EBITDA generation, the agency said, as a result of the global economic downturn and the challenging nature of the competitive environment.

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