Satelindo gets new ratings

JAKARTA (JP): Two leading international rating companies, Moody and Standard & Poor's Corp. have assigned Baa3 and BBB ratings, respectively, to PT Satelit Palapa Indonesia (Satelindo).

Satelindo said in a statement yesterday that the company was assessed for its business, future finance and management.

"The ratings reflect the increasing potential for telecommunication services in Indonesia."

The company said that the ratings were also related to Satelindo's plan to increase its capital for its operational financing following stiffer competition in the cellular business in Indonesia.

Satelindo runs three services, including cellular, international telecommunications and satellite leasing.

Company president Iwa Sewaka said the ratings showed that international parties had accredited the four-year-old Satelindo well. (icn)