Fitch upgrades Protelindo to BBB

Fitch Ratings said it upgraded PT Profesional Telekomunikasi Indonesia's long-term foreign-currency issuer default rating to BBB from BBB-. Fitch also upgraded the national long-term rating and the national senior unsecured rating to AAA(idn) from AA+(idn).

“The upgrade reflects steady improvement in the business risk profile of Protelindo, Indonesia's largest independent tower operator. The improvement is underpinned by its better tenancy mix, lower contract renewal risk, strong growth and increasing revenue diversification. The company continues to adopt a conservative financial policy with a 2020 forecast FFO net leverage of 2.7x-3x (2019: 3.6x), which is lower than that of Indonesian and international tower peers,” said Fitch in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.