Moody's may up Excelcomindo Pratama

Moody's Investors Service said it will continue to review for possible upgrade the B2 local currency senior implied rating of P.T. Excelcomindo Pratama (XL) and the B2 foreign currency senior unsecured bond rating of Excelcomindo Finance Co. BV, a wholly owned subsidiary of XL.

Telekom Malaysia (rated A3/stable), through its wholly owned international investment arm, TM International (L) Ltd., has entered into agreement on Dec. 8, 2004 to acquire a 27.3% stake in XL for a total cash consideration of $314 million as well as majority management and board control on XL.

Moody's noted that TM International has already acquired 23.1% of XL and is negotiating to acquire the remaining 4.2%.

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