www.pefindo.com - PEFINDO views that the sale agreement of 2,500 towers owned by PT Indosat Tbk. (ISAT or the Company) has no immediate impact to the ratings of the Company and its Bonds II/2002, Bonds V/2007, Bonds VI/2008, and Bonds VII/2009 as well as its Sukuk Ijarah II/2007, Sukuk Ijarah III/2008, and Sukuk Ijarah IV/2009. Although the cash proceeds from the transaction could improve the Company’s liquidity position and/or potentially reduce its outstanding debt, the transaction will incur new obligation under financing lease. However, PEFINDO will monitor the impact of the new obligation under financing lease to the Company’s capital structure. Currently, the Company’s ratings are maintained at “idAA+” for the Company and its bonds and “idAA+(sy)” for its sukuk with a stable outlook. (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 September 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%).
Source: http://new.pefindo.com/r_releasedetail.php?cid=1006 - February 21, 2012
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