Moody's may up Indosat Finance

Moody's Investors Service said it placed on review for possible upgrade the B2 foreign currency senior unsecured bond rating of Indosat Finance Co. BV, a wholly owned subsidiary of P.T. Indonesian Satellite Corp. TBK (Indosat).

The review is driven by improvements in Indosat's credit profile, including its strong recurring operating cash flows, generated by a growing cellular subscriber base, which totaled 8.9 million at end-September 2004. Despite an increasingly competitive environment, Indosat continues to both enjoy a strong operating position - with estimated around 32% market share - and benefit from the high growth cellular market, Moody's said.

The outcome of Indosat's foreign currency bond rating will be driven by (a) Moody's assessment of the company's fundamental rating on a local currency basis and (b) the consideration of Friday's outlook change for Indonesia's B2 foreign currency sovereign ceiling to positive from stable.

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