S&P uplifts Protelindo

Standard & Poor's said it raised its long-term corporate credit rating on PT Profesional Telekomunikasi Indonesia (Protelindo) to BB+ from BB. The outlook is stable.

At the same time, S&P raised the long-term issue rating on the existing senior unsecured bank loan that the company guarantees to BB+ from BB. S&P also raised the long-term Asean regional scale rating on Protelindo to axBBB+ from axBBB-.

"We raised the rating as we believe Protelindo's scale, cash flows, and financial position have significantly improved over the past two years - sufficient to even allow the company to absorb a large tower portfolio acquisition," said S&P credit analyst Mehul Sukkawala in a news release.

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