Fitch shifts Bali Tower view to positive

Fitch Ratings said it revised the outlook on PT Bali Towerindo Sentra Tbk.’s (Bali Tower) national long-term rating to positive from stable and affirmed the rating at BBB+(idn).

“The outlook revision reflects our expectation that Bali Tower’s funds from operations (FFO) net leverage will improve and stay below 5x, our positive leverage trigger, in 2020-2021. Leverage improvement will be supported by the company’s strong growth on robust data consumption,” Fitch said in a press release.

Concurrently, Fitch affirmed the A(idn) rating for the Rp 554 billion outstanding bonds sold under its Rp 1.6 trillion bond program. PT Indonesia Infrastructure Finance provides a 50% credit guarantee on the bonds issued under Bali Tower’s bond program.

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