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Fitch rates Excelcomindo notes AA(idn)
Fitch Ratings said it assigned a final rating of AA(idn) to PT Excelcomindo Pratama's (rated AA(idn) with stable outlook) Rp 1.5 trillion five-year senior unsecured notes expiring April 26, 2012.
The rating reflects the company's entrenched position in the Indonesian cellular industry, highly cash generative operations and robust growth prospects, Fitch said. The rating also draws support from its majority ownership by Telekom Malaysia (rated A- with stable outlook), which would provide financial and operational support to the former.
However, the agency said the competitive environment remains intense. Fitch said the rating is constrained by Excelcomindo Pratama's continued vulnerability to foreign exchange risk and its negative free flow position due to high capital expenditure requirements. The rating also takes into consideration persistent regulatory uncertainty and the country's slowly developing regulatory regime, the agency added.
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