Fitch: Indosat bonds AAA(idn)

Fitch Ratings said it published PT Indosat Tbk.’s (Indosat) national senior unsecured class rating and national long-term ratings on its Rp 9 trillion bond program and Rs.1 trillion sukuk ijarah program at AAA(idn).

The agency also said it published the national long-term ratings of AAA(idn) on up to Rs. 2.2 trillion senior unsecured bonds and up to Rs. 300 billion sukuk ijarah issued from these programs.

The ratings are underpinned by its importance to its parent company Ooredoo QSC, which warrants a three-notch uplift on the international scale from Indosat’s standalone credit profile of BB, Fitch said.

The agency said it expects Indosat’s EBITDA margin to narrow to about 40% to 42% in 2014 from 43.5% in 2013 due to intensifying competition in the data segment, the agency said.

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