Moody's confirms Media Nusantara Citra

Moody's Investors Service said it confirmed PT Media Nusantara Citra's B1 corporate family and guaranteed notes ratings. This concludes a review for possible downgrade that began in October.

The outlook is stable.

The confirmation follows news that the Indonesian Supreme Court has nullified a decision concerning the bankruptcy of PT Cipta Televisi Pendidikan Indonesia, Moody's said. The decision returns Cipta Televisi's operation to normal, the agency said.

The ratings are underpinned by the company's leading position in Indonesia's growing FTA TV market and earnings and cash follow stability, Moody's said.

These strengths are counterbalanced by its declining margin trend on the back of an increasingly competitive advertising market in Indonesia and its aggressive growth appetite, the agency added.

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