Fitch: Pratama Agung notes BB-

Fitch Ratings said it assigned a final rating of BB- to Pratama Agung Pte Ltd.’s $300 million 6¼% guaranteed senior unsecured notes due 2020.

The notes are unconditionally and irrevocably guaranteed by PT Solusi Tunas Pratama Tbk. and are therefore rated at the same level as its long-term issuer default rating of BB-.

Solusi Tunas will use the note proceeds to partially refinance its six-month $790 million bridge loan facility that financed the acquisition of 3,500 towers from PT XL Axiata Tbk., the agency said.

The ratings reflect the company’s higher leverage than peers, early position in the growth cycle and weaker organic growth capabilities, Fitch said.

The ratings also consider management’s commitment to de-leverage, the agency said.

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