Moody's lifts Excelcomindo Pratama

Moody's Investors Service said it upgraded its local currency corporate family rating for PT Excelcomindo Pratama to Ba2 from Ba3.

The outlook is stable.

At the same time, Moody's added it has changed the outlook for its B1 foreign currency bond rating to positive from stable.

Moody's noted it raised the support level to medium from low following TMB's acquisition of a majority 56.9% shareholding in Excelcomindo Pratama.

Moody's said it believes TMB's willingness to provide support is now likely to increase, given TMB/Khazanah's greater ownership stake - together they own 73.7% - while TMB exercises full active management control.

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