Moody’s ups Protelindo to Baa3

Moody's Investors Service said it assigned an issuer rating of Baa3 to Profesional Telekomunikasi Indonesia (Protelindo).

The outlook is stable.

At the same time, the agency withdrew the Ba1 corporate family rating.

"The upgrade into investment-grade from the previous Ba1 rating reflects Protelindo's resilient and contractually based business model with stable free cash flow generation and relatively low leverage, " Moody's vice president and senior credit officer Annalisa Di Chiara said in a news release.

"Management's commitment to a strong balance sheet is also an integral part of its investment grade rating and provides comfort that any additional acquisitions or shareholder initiatives will not result in a material increase in leverage, nor a significant contraction in cash flows."

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