S&P rates Protelindo bonds AA

Standard & Poor’s said it assigned an AA long-term issue rating to an issue of Singapore dollar-denominated bonds by Protelindo Finance BV.

The agency also said it assigned an axAAA long-term Asean regional scale rating to the bonds.

The ratings are equalized with the long-term foreign-currency issuer credit rating on the guarantor, Credit Guarantee and Investment Facility (CGIF), S&P said. The rating is based on the fund’s timely and irrevocable guarantee, the agency said.

The bonds constitute direct, unsubordinated and unsecured obligations of Protelindo Finance, S&P said.

Protelindo Finance is a wholly owned subsidiary of PT Profesional Telekomunikasi Indonesia, the agency said. Protelindo Finance will use the proceeds from the bonds to subscribe to shares of or contribute to the premium of shares in Protelindo Towers BV, which is majority owned by PT Profesional Telekomunikasi Indonesia.

The ratings reflect the fund’s strong financial position and the firm backing from the 13 contributing countries and the Asian Development Bank, a stakeholder in CGIF, S&P said.

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