Fitch lifts Protelindo view to positive

Fitch Ratings said it revised the outlook on PT Profesional Telekomunikasi Indonesia (Protelindo) to positive from stable.

The agency also said it affirmed the long-term foreign-currency issuer default rating at BBB-, along with its national long-term rating and national senior unsecured rating at AA+(idn).

The outlook revision reflects Protelindo's improving business profile, underpinned by the steady shift in revenue mix to tenants with investment-grade ratings, Fitch said, as well as lower contract renewal revenue risk.

The company continues to adopt a conservative financial policy with adjusted net leverage of less than 3x, which is lower than Indonesian and international tower peers, Fitch said.

The agency said it believes there is sufficient leverage headroom for Protelindo to accommodate inorganic growth and progressive dividends in the medium term at current rating levels, the agency said.

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