Moody's ups Excelcomindo Pratama

Moody's Investors Service said it upgraded the local currency corporate family rating (previously called senior implied rating) of PT Excelcomindo Pratama to Ba3 from B2 and upgraded the foreign currency bond rating of Excelcomindo Finance Co. BV to B1 from B2.

The outlook is stable.

Moody's said the rating upgrade reflects Moody's view that PT Excelcomindo Pratama's operational and management profile will undergo enhancement with the presence of a larger and financially stronger shareholder, Telekom Malaysia (A3/stable).

Currently, Telekom Malaysia owns 27.3% and exercises majority management control. Moody's said it understands that Telekom Malaysia further plans to move to a majority shareholding by Oct. 31 and has obtained shareholder approval to raise its stake up to 80%.

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