Fitch rates Protelindo bonds AA-(idn)

Fitch Ratings said it assigned PT Profesional Telekomunikasi Indonesia's (Protelindo) proposed issuance of up to Rs. 1 trillion bonds a national rating of AA-(idn).

Protelindo, which owns and operates wireless communication towers, will use the proceeds to repay its rupiah-denominated bank loans.

The bonds are rated at the same level as Protelindo's national long-term rating of AA-(idn) as they constitute direct, unconditional and senior unsecured obligations of the company. The proposed bonds will rank equally with all the unsecured obligations of the company.

Fitch said AA national ratings denote expectations of very low default risk relative to other issuers or obligations in the same country. The default risk inherently differs only slightly from that of the country's highest rated issuers or obligations.

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