S&P upgrades Protelindo, loan to BBB-

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

The outlook is stable.

At the same time, the agency raised the long-term issue rating on the existing senior unsecured bank loan that the Indonesia-based independent tower company guarantees to BBB- from BB+ and the long-term Asean regional scale rating on Protelindo to axA- from axBBB+.

"We raised the rating because we expect Protelindo to sustain its significantly strengthened financial position over the next 12-24 months," S&P credit analyst Annabelle Teo said in a news release.

"In our view, the company's financial position has substantially improved over the past few years, such that its announced purchase of a new tower portfolio will not have a material impact on its financial strength."

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