Press Release
March 17, 2017
http://www.pefindo.com 1/2 March 2017
PT Indosat Tbk
Analyst: Niken Indriarsih / Martin Pandiangan
Tel/Fax/E-mail: (62-21) 7278 2380 / 7278 2370 / niken.indriarsih@pefindo.co.id / martin.pandiangan@pefindo.co.id
CREDIT PROFILE
As of/for the year ended Dec-2016 Dec-2015 Dec-2014 Dec-2013
(Audited) (Audited) (Audited) (Audited) USD Exchange Rate [IDR/USD] 13,436 13,795 12,440 12,189
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included) MI= Minority Interest
The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have been reclassified according to PEFINDO’s definitions.
PEFINDO affirms its
“
idAAA
”
ratings for PT Indosat Tbk and its bonds
PEFINDO has affirmed its “idAAA” ratings for PT Indosat Tbk (ISAT) and its Shelf Registration Bond I/2014-2016; Bonds VIII/2012;
and Bonds V/2007 Serie B. The Company plans to repay its maturing Bonds V/2007 Serie B of IDR1.37 trillion on May 29, 2017 using a combination of internal fund and unused credit facilities from several banks. As of December 31, 2016, ISAT’s cash and cash equivalents was IDR1.9 trillion, while its unused credit facilities were IDR1.88 trillion and USD150 million. PEFINDO has also affirmed
its “idAAA(sy)” ratings for ISAT’s Shelf Registration Sukuk Ijarah I/2014-2016 and Sukuk Ijarah V/2012. The outlook for the corporate
rating is “stable”.
An obligor rated idAAAhas PEFINDO’s highest rating. Its capacity to meet long-term financial commitments, relative to that of other
Indonesian obligors, is superior.
The suffix (sy) means the rating mandates compliance with Islamic principles.
The ratings reflect ISAT’s strong support from its majority shareholder, strong market position, and stable operating performance.
However, the ratings are offset by its moderate financial policy and the intense competition within the telecommunications industry.
The rating may be lowered if, in our view, there is a material decline in the ownership and support of its Parent. In addition, the rating will be under pressure if ISAT aggressively finances its business expansion with debt that is substantially larger than projected, and if there are future legal proceedings in relation to the IM2 case that would affect its cash flow substantially beyond the IDR1.4 trillion fine and disrupt its operational activities. There will be no rating impact from the IDR1.4 trillion fine, which was provisioned in 2014, given its adequate liquidity, good track record in fulfilling financial obligations, and strong support from the majority shareholder.
Siaran Pers
17 Maret 2017
DISCLAIMER
Siaran Pers
17 Maret 2017
http://www.pefindo.com 3/4 March 2017
PT Indosat Tbk
Analyst: Niken Indriarsih / Martin Pandiangan
Tel/Fax/E-mail: (62-21) 7278 2380 / 7278 2370 / niken.indriarsih@pefindo.co.id / martin.pandiangan@pefindo.co.id
CREDIT PROFILE
As of/for the year ended Dec-2016 Dec-2015 Dec-2014 Dec-2013
(Audited) (Audited) (Audited) (Audited) USD Exchange Rate [IDR/USD] 13,436 13,795 12,440 12,189
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included) MI= Minority Interest
The above ratios have been computed based on information from the company and published accounts. Where applicable,
some items have been reclassified according to PEFINDO’s definitions.
PEFINDO menegaskan p
eringkat “
idAAA”
untuk PT Indosat Tbk dan obligasi ISAT yang akan jatuh
tempo
PEFINDO menegaskan peringkat “idAAA” terhadap PT Indosat Tbk (ISAT) dan Obligasi Berkelanjutan I Tahun 2014-2016; Obligasi VIII
Tahun 2012; dan Obligasi V Tahun 2007 Seri B. Perusahaan berencana melunasi Obligasi V Tahun 2007 Seri B sebesar Rp1,37 triliun, yang akan jatuh tempo pada tanggal 29 Mei 2017, menggunakan kombinasi dana internal dan fasilitas kredit yang belum digunakan dari beberapa bank. Pada tanggal 31 Desember 2016, ISAT memiliki saldo kas dan setara kas sebesar Rp1,9 triliun, sementara fasilitas kredit yang belum digunakan adalah Rp1,88 triliun dan USD150 juta. PEFINDO juga menegaskan peringkat “idAAA(sy)” untuk Sukuk Ijarah
Berkelanjutan I Tahun 2014-2016 dan Sukuk Ijarah V Tahun 2012. Outlook untuk peringkat korporat adalah “stabil”.
Efek utang dengan peringkat idAAAmemiliki peringkat paling tinggi yang diberikan oleh PEFINDO. Kemampuan obligor untuk memenuhi
komitmen keuangan jangka panjang atas efek utang tersebut, relatif dibanding emiten Indonesia lainnya, adalah superior.
Akhiran (sy) memiliki makna peringkat mempersyaratkan pemenuhan prinsip Syariah.
Peringkat mencerminkan dukungan yang kuat dari pemegang saham utama, posisi pasar Perusahaan yang kuat, dan kinerja operasional yang stabil. Namun, peringkat dibatasi oleh kebijakan finansial Perusahaan yang moderat dan ketatnya persaingan dalam industri telekomunikasi.
Peringkat akan diturunkan jika, dalam pandangan kami, ada penurunan yang material atas kepemilikan dan dukungan dari induk usaha. Selain itu, peringkat juga berada dalam tekanan jika ISAT secara agresif mendanai ekspansi bisnis dengan utang yang secara substansial lebih besar dari yang diproyeksikan, dan jika ada tuntutan hukum di masa mendatang terkait kasus IM2 yang akan mempengaruhi arus kas secara substansial melebihi denda Rp1,4 triliun, yang telah dicadangkan pada tahun 2014, mempertimbangkan likuiditas yang cukup, rekam jejak yang baik dalam melunasi kewajiban finansial, dan dukungan kuat dari pemegang saham utama.
Siaran Pers
17 Maret 2017
DISCLAIMER
