Jakarta (ANTARA News) - Indonesian rating agency Pefindo has assigned an "AA-" rating (stable outlook) to Rp2 trillion worth of bonds publicly-listed cellular phone operator PT Excelcomindo Pratama Tbk plans to issue this year.
The rating reflected good telecommunication industry, stable market position amid increasing competition and majority shareholders` stronger profile, Pefindo analysts Salyadi Saputra and Hendro Utama said in a report to the Jakarta Stock Exchange here on Monday.
Yet the company`s need for large amounts of funds to expand business and high exposure to foreign currency risks would slightly affect the rating, Pefindo said.
"Since it started operatinng in October 1996, Excelcomindo has managed to maintain its position as Indonesia`s third biggest cellular operator after Telkomsel and Indosat," it said.
In 2006, Excelcomindo was 59.63 percent owned by Indocel Holding Sdn Bhd, 16.81 percent by Khazanah Nasional Bhd, 15.97 percent by Radjawali Corpora, 7.38 percent by AIF and 0.21 percent by the public. (*)