Telkomsel’s Rating Affirmed Baa1; Bank Syariah Mandiri at idAA+
On the rating action, Moody’s has affirmed the Baa1/Stable rating for Telekomunikasi Selular (Telkomsel). The rating affirmation is based on the company’s established position in the wireless telecommunications operator with around 45% subscriber market share. The company’s rating is limited by the competitive nature of the operating environment, as well as the risk of indirect intervention from the government. Elsewhere, Pemeringkat Efek Indonesia (Pefindo) has assigned idBBB+/Stable for Indosurya Inti Finance. The company’s rating is still constrained by its moderate profitability and market share. Bank Syariah Mandiri’s corporate rating also has been affirmed at idAA+ by Pefindo, one notch lower than its parent company Bank Mandiri Tbk (BMRI:IJ, idAAA/Sta). BSM is planning to release IDR1trn of sukuk mudharabah by end of this year.
