S&P upgrades Tower Bersama

S&P said it upgraded PT Tower Bersama Infrastructure Tbk. and its guaranteed senior unsecured notes to BB+ from BB.

“We raised our rating on TBIG because we believe the company will maintain its resilient and high-quality cash flows, and strong funding access over the next 12-24 months. TBIG has built a record of financial discipline by balancing its shareholder-friendly actions and capital spending with cash needs to maintain a debt-to-EBITDA ratio of 5x-5.5x,” S&P said in a press release.

The company raised close to Rp 12 trillion of fresh funds since Sept. 30. “These funds will help the company meet the Rp 5.9 trillion of debt maturing in the 12 months to Sept. 30, 2021,” S&P said. TBIG also extended its $275 million loan’s maturity to 2026 from June 2021.

The outlook is stable.

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