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Rating Action:

Moody's affirms Protelindo's Ba1 corporate family rating; outlook stable

30 Mar 2016

Singapore, March 30, 2016 -- Moody's Investors Service has today affirmed the Corporate Family Rating for Profesional Telekomunikasi Indonesia (Protelindo) at Ba1. The rating outlook is stable.

RATINGS RATIONALE

The rating affirmation follows Protelindo's announced acquisition of 2,500 towers from XL Axiata (Ba1 stable) for a total consideration of IDR3.57 trillion (US$268 million). The transaction entails an upfront IDR cash payment, with no deferment.

"Protelindo has significantly improved its business scale and credit profile over the last two years, leading to resilient financial metrics, such that its credit profile can easily accommodate this acquisition. Pro-forma for the acquisition we expect Protelindo's leverage to remain within our expectations for the rating at 3.0x-3.2x," says Nidhi Dhruv, a Moody's Assistant Vice President.

"The acquisition will also significantly improve Protelindo's scale and business profile, making it the largest independent tower company in Indonesia by some margin - with about 15,000 towers and about 24,000 tenants," adds Dhruv, also Moody's Lead Analyst for Protelindo.

By comparison, the second largest independent tower company, Tower Bersama Infrastructure (TBI, Ba3 stable) had 11,291 towers leased to 18,642 tenants as of September 2015.

XL will lease back 2,432 of the towers at a monthly lease rate of IDR10 million. Some IDR2 million of this monthly lease is subject to an annual inflation escalator at the lower of Indonesia's official rate of inflation or 7%.

"The transaction, when consummated will also improve Protelindo's tenancy mix, as these 2,432 towers will have XL as the anchor tenant. We expect Protelindo's revenues from the Big 3 mobile operators (Telekomunikasi Selular (Baa1 stable), Indosat (Ba1 stable) and XL) to improve to about 51% pro forma for the acquisition from 47% as of September 2015," adds Dhruv.

The acquired towers have a tenancy ratio of about 1.5x, with the majority of the collocation contracts with the smaller wireless operators in Indonesia.

"We expect Protelindo to fund the acquisition largely through IDR bank debt. However, given the company's strong financial profile, and the EBITDA accretive nature of the business, this additional debt will not materially weaken the company's leverage and coverage metrics," adds Dhruv.

Protelindo continues to have an excellent liquidity profile, with well staggered debt maturities which we do not expect to change as a result of this acquisition. The company also has demonstrated strong access to bank funding.

The transaction is subject to certain conditions precedent including joint audit of the towers under consideration. The transaction is expected to complete by 30 June 2016.

The outlook on Protelindo's rating is stable on the expectation that it will grow and deleverage in accordance with its business model and that the regulatory environment remains relatively benign.

An upgrade is unlikely over the next 18-24 months in light of Protelindo's acquisition appetite and likelihood of initiating dividend payments. However, upward pressure may build if Protelindo's financial profile improves significantly and the company establishes a track record of contract renewals. Specific indicators for an upgrade include adjusted debt/EBITDA declining to below 2.5x on a consistent basis and interest coverage, as measured by adjusted (FFO + interest)/interest, rising above 4.5x-5.0x.

We would consider downgrading the rating if adjusted debt/EBITDA increases and remains above 3.5x-4.0x and (FFO + interest)/interest falls below 3.5x-4.0x. Acquisitions substantially beyond our expectations in terms of size or price paid, lower rental rates due to increased competition, or a material deterioration in the financials of one of its major tenants such as H3I would likely cause these metrics to weaken.

The principal methodology used in rating Protelindo was the Global Communications Infrastructure Rating Methodology published in June 2011. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

Founded in 2003, Protelindo is one of two leading independent tower companies in Indonesia with 12,211 telecommunication sites serving 20,965 tenants as of 30 September 2015. It essentially leases space on its communications towers to cellular telecommunications operators on long-term contracts.

Protelindo is wholly owned by Sarana Menara Nusantara (SMN, unrated), which is listed on the Indonesian Stock Exchange. Currently, 32.7% of SMN is owned by the Hartono family, and Protelindo's management, sponsors and advisors hold a significant stake in the company.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Nidhi Dhruv, CFA
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's affirms Protelindo's Ba1 corporate family rating; outlook stable
No Related Data.
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