Fitch rates Excelcomindo Pratama

Fitch Ratings said it assigned long-term local and foreign currency issuer default ratings of B+ with a stable outlook to PT Excelcomindo Pratama Tbk and a recovery rating 4 to the company's outstanding senior unsecured obligations.

Meanwhile, Fitch said the company's senior unsecured foreign and local currency ratings were affirmed at B+ with a stable outlook and the outstanding $350 million guaranteed notes due 2009 were also affirmed at B+.

Fitch said the company's 4 rating on senior unsecured obligations represents average recovery prospects in the event of default and that the underlying recovery assessment was based on explicit estimates of ultimate recovery value, derived from distressed enterprise valuation and a bespoke analysis on the company's capital structure.

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