PT Pemeringkat Efek Indonesia (Pefindo) assigned its ratings of idBB for PT Bakrie Telecom Tbk (BTEL) and its maturing Bond I/2007 of RpR650 billion due September 4, 2012.Pefindo still places the ratings on Credit Watch with Negative Implication, which reflects the raising refinancing risk for the bond since the company’s readiness to pay the maturing bond remains uncertain.
This rating assignment is to comply with the regulation, which requires the rating assignment 90 days before the bond maturity. The progress of the company’s refinancing program and right issue plan remain the same with the one when we assigned the rating on May 28, 2012.
Established in 1993, BTEL provides wireless telecommunication services under the Esia brand. In providing its telecommunication services, the operator uses CDMA 2000 1x technology on 800 MHz frequency. As of March 31, 2012, BTEL is owned by PT Bakrie & Brothers Tbk (17.6%) and public (82.4%).
Disclosure: No position at the stock mentioned above.
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