TBIG’s Rating Downgraded to Ba3 Whilst Parent Rating SRTG Lowered to BBB+

Tower Bersama Infrastructure’s Tbk (TBIG:IJ) rating was downgraded to Ba3 from Ba2 by Moody’s. Moody’s also cut the rating on its USD 300 million notes issued by TBG Global Pte Ltd, a wholly owned TBIG’s subsidiaries, to the same level. The outlook rating is stable. TBIG’s leverage which surged to 6.3x as a result of the debt funded acquisition of 2,500 towers from Indosat Tbk (ISAT:IJ) in 2012 has persistently remained above Moody’s tolerance for the rating since that time. Moody’s is also concerned with the perceived increase in management’s level of risk tolerance which still actively pursuing both organic and inorganic growth opportunities.

Moody’s Rated Ba3 to Chandra Asri

Saratoga’s USD100Mn of Investment Capex

Mitra Pinasthika Completes USD436Mn Divestments

Maintain Rupiah Fundamentally

Fitch Affirms Indonesia Ratings at BBB-/Stable

On the other hand, Fitch Ratings Indonesia has downgraded the long-term national rating of Saratoga Investama Sedaya Tbk (SRTG:IJ), TBIG’s holding company, from A(idn) to BBB+(idn) with a stable outlook. The downgrade is driven by Fitch expectation on Saratoga ’s dividend which will reach lower than previously anticipated due to slower domestic economic growth and weak commodity prices. In addition, the weakness of rupiah has been concerned since the foreign-exchange risk should further escalate as the company havs higher level of US dollar denominated debt.

MTF’s Proposed Bond Assigned at AA; Indosat’s Bond and Sukuk Issues Assigned at AAA(idn)

BTPN’s Senior Notes II Rated AAA

Fitch Ratings Appoints BB/AA for Wijaya Karya

Indonesia PBS006 Offering Closes 3Q Sukuk Auction

Muted Reaction on Outlook Upgrade by Fitch