Fitch upgrades Tower Bersama

Fitch said it upgraded PT Tower Bersama Infrastructure Tbk.’s long-term foreign- and local-currency issuer default ratings to BBB- from BB. The agency also upgraded the senior unsecured rating upgraded to BBB- from BB.

Concurrently, Fitch upgraded the national long-term rating and national senior unsecured rating to AA+(idn) from AA-(idn).

“The upgrade reflects TBI's resilient business risk profile, supported by strong cash flow visibility backed by non-cancellable long-term telecom contracts with in-built escalation clauses. Tower businesses have low technological risk, customer churn and maintenance capex requirements as well as reasonable pricing power on limited tower overlap with peers,” Fitch said in a press release.

The outlook is stable.

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