TEXT-Fitch affirm rating Telkomsel following bankruptcy decision

Fri Sep 21, 2012 5:15am EDT

Ranking the positive actions can happen when:

- Positive changes to the sovereign rating and Country Ceiling Indonesia can influence the changes in the Long-Term Foreign Currency and Local Currency IDR of Telkomsel.

Negative actions on the ratings could have occurred when:

- The decline of Indonesia Country Ceiling rating downgrade could affect the long-term Foreign Currency IDR, which is limited by the Country Ceiling.

- Singtel weakening influence on important decisions through the sale of shares or a change in the shareholders' agreement, which cause limited by the Telkom IDR at 'BBB-'

- Significant improvement of capital expenditures and the payment to shareholders that causes a negative free cash flow could lead to negative actions on the ratings ratings Long-Term Local Currency IDR.

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