Fitch boosts Excelcomindo

Fitch Ratings said it upgraded PT Excelcomindo Pratama's long-term foreign currency and local currency issuer default ratings to BB- from B+.

The outlook is stable.

Fitch added that the upgrade follows Excelcomindo's steady operating performance in recent quarters and strong forward momentum resulting from progress with its network expansion.

The agency said that the rating reflects Excelcomindo's entrenched position in the Indonesian cellular industry, its highly cash generative operations and strong growth potential, adding that these credit strengths are tempered by sustained margin pressure, continued vulnerability to forex risk and its negative free flow position on account of high capex requirements.

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