Moody’s lifts TBG Global notes to Ba2

Moody's Investors Service said it affirmed Tower Bersama Infrastructure Tbk.’s Ba2 corporate family rating and upgraded the $300 million senior unsecured notes of wholly owned subsidiary TBG Global Pte. Ltd. to Ba2 from Ba3.

Tower Bersama unconditionally and irrevocably guarantees the notes.

The outlook remains negative.

"TBI's adjusted debt/EBITDA at 6.2x for LTM ended March 2015 (based on the last 12 months EBITDA) remains high for the Ba2 ratings. Although this is partly due to the impact of currency depreciation, we note that adjusted leverage on a hedged basis also remains high at 5.6x," Moody's assistant vice president and analyst Nidhi Dhruv said in a news release.

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