Fitch affirms Telkomsel

Fitch Ratings said it affirmed PT Telekomunikasi Selular's (Telkomsel) long-term foreign- and local-currency issuer default rating at BB+ and BBB-, respectively, and its national long-term rating at AAA(idn).

The outlook is stable.

The ratings reflect its leading position in the Indonesian cellular market and sound financial profile, with high operating margins and credit metrics that are strong for its ratings, Fitch said.

Despite intense price competition in 2008, Telkomsel has managed to maintain a dominant share of GSM revenue and sustain exceptionally strong EBITDA margins at over 60% of revenue, the agency said.

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