Moody's rates Indosat bonds B2

Moody's Investors Service said it has assigned a definitive foreign currency issuer rating of B2 to PT Indonesian Satellite Corp. Tbk (Indosat) and a definitive foreign currency long-term debt rating of B2 to the $300 million bonds that were recently issued by Indosat Finance Co. BV, a wholly-owned subsidiary of Indosat.

The outlook is stable.

Moody's said the B2 debt rating is based on the unconditional and irrevocable guarantee provided to the bonds on a joint and several basis by Indosat, PT Satelit Palapa Indonesia (Satelindo) and PT Indosat Multimedia Mobile. Moody's noted it understands that the U.S. dollar bonds and the Rupiah bonds have been drawn and that while the Rupiah bank loan has not been drawn yet, it is expected to be drawn before Dec. 15.

PT Indonesian Satellite Corp. Tbk is based in Jakarta. Indosat provides cellular and international call services in Indonesia, as well as MIDI (multi-media, data and internet) services to Indonesian and regional corporate and retail customers.

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