PEFINDO affirmed its ratings of “idAA+” for PT Indosat Tbk. (ISAT or the Company) and its Bonds II/2002, Bonds V/2007, Bonds VI/2008, and Bonds VII/2009 and “idAA+(sy)” for its Sukuk Ijarah II/2007, Sukuk Ijarah III/2008, and Sukuk Ijarah IV/2009. The outlook of the rating is “Stable”.
The ratings reflect the strong support from the majority shareholder,
the Company’s very strong market position, and improved operating
performance. However, the ratings are offset by the Company’s
aggressive capital structure and intense competition within the
telecommunication industry. (source)
ISAT is one of the leading telecommunication and information service
providers in Indonesia providing cellular, Multimedia, Internet &
Data Communication (MIDI), and fixed telecommunication services. As of
June 30, 2011, the Company was 65% owned by Qatar Telecom (Qtel Asia)
Pte. Ltd. (QTEL), Government of Indonesia (14.3%), SKAGEN Funds (SKAGEN
AS, 5.6%) and public (15.1%).
Rating Period: October 7, 2011 – October 1, 2012
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