S&P affirms Excelcomindo

Standard & Poor's said it affirmed its B+ long-term corporate credit rating on PT Excelcomindo Pratama.

S&P said the rating reflects Excelcomindo's highly aggressive capital structure, significant foreign currency exposure and increasing competition in the wireless market.

These factors are offset to some extent by adequate cash flow protection measures, strong domestic wireless growth prospects and a degree of insulation from sovereign debt risks, according to S&P.

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