S&P raises Indosat, Telkom ratings

S&P raises Indosat, Telkom ratings

JAKARTA: PT Telekomunikasi Indonesia (Telkom), the country's biggest telephone company, and rival PT Indonesian Satellite Corp. (Indosat) had their credit rating outlook raised to positive from stable by Standard & Poor's (S&P), which cited improving economic stability.

The upgrade came after S&P raised the nation's rating outlook earlier this month, citing an improvement in Indonesia's fiscal performance and ability to reduce debt-servicing costs.

The companies' long-term foreign currency credit ratings were maintained at B+, four levels below investment grade, the rating company said in a statement. PT H.M. Sampoerna, Indonesia's No. 2 cigarette maker, also had its credit rating outlook raised to positive, S&P said. -- Bloomberg