Moody's rates Indosat notes B1

Moody's Investors Service said it assigned a B1 foreign currency senior unsecured rating to the proposed seven-year $200 million to $250 million bonds of Indosat International Finance Co. BV.

The bonds, which are callable after five years, will be irrevocably and unconditionally guaranteed by PT Indosat Tbk. and proceeds help fund capital expenditure, mostly for cellular operations, the agency said.

At the same time, Moody's said it affirmed Indosat's Ba2 local currency senior implied rating.

The outlook is positive.

The local current rating reflects, the agency said, Indosat's strengthened operational and financial profiles and established position as Indonesia's second-largest cellular operator, the continued growth evident in the country's cellular market and higher affordability.

Moody's added that the rating is tempered by the competitive operating environment, the evolving nature of the regulatory regime and the exposure of Indosat's operating performance to economic, social and political developments.

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