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XL Axiata Tbk.
Released : March 12, 2010 PEFINDO upgraded its ratings to “idAA-” from “idA+” for PT XL Axiata Tbk., formerly known as PT Excelcomindo Pratama Tbk., (EXCL or the Company) and the Company’s Bond II/2007 of IDR1.5 trillion due 2012. The outlook of the ratings is “stable”. The ratings reflect the Company’s improving financial profile mostly supported by more conservative financial leverage, stable market position, and the strong creditworthiness of its majority shareholder. However, the ratings are constrained by the intense competition within the wireless sector. Since it started operating in October 1996, EXCL has consistently been able to hold its position as the 3rd largest cellular operator in Indonesia after Telkomsel and Indosat. At the end of 2009, the Company’s shareholders consisted of Indocel Holding Sdn. Bhd., part of Axiata Group Berhad, formerly known as Telekom Malaysia International Bhd. (86.5%), Emirates Telecommunications Corporation (Etisalat) International Indonesia Ltd. (13.3%), and public (0.2%). Rating Period: March 8, 2010 – March 1, 2011
Contact Analyst: Niken Indriarsih & Vonny Widjaja
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