Moody's ups Excelcomindo view to stable

Moody's Investors Service said it changed the outlook to stable from negative on PT Excelcomindo Pratama Tbk's Ba2 local-currency issuer rating and senior unsecured foreign-currency rating.

The change in outlook reflects the company's improved capital structure following the completion of the $300 million rights issue, Moody's said.

The stable outlook also reflects the company's recently improved operating performance following the stabilization of the competitive environment in the Indonesian mobile sector, the agency said.

The company will use the proceeds from the rights issue to repay debt, Moody's said, and credit metrics will strengthen with an adjusted debt-to-EBITDA ratio of about 3.0x in 2009 as compared to 3.8x a year earlier.

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