Fitch lifts Tiphone Mobile

Fitch Ratings said it upgraded PT Tiphone Mobile Indonesia Tbk.'s national long-term rating to BB-(idn) from B+(idn) and removed the rating from rating watch negative.

The outlook is negative.

“The upgrade and removal from RWN reflect an improved near-term liquidity profile, aligned with our expectations of lower leverage and liquidity pressure after the company repaid fully about Rp 1 trillion in bonds that matured in July 2018,” the agency said in a news release.

“However, we believe that sustainable healthy leverage will depend on improvement in the company's liquidity management, cash flow from operations (CFO) and capital structure.”

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