Bangkok--28 Apr--Moody's Investors
Moody's Investors Service has today affirmed the Baa2 rating for the 10-year 5.375%, US$300 million senior unsecured notes issued by Axiata SPV1 (Labuan) Limited and unconditionally guaranteed by its parent Axiata Group Berhad ("Axiata"). The bond rating has been removed from its provisional status following the completion of the bond issue. The outlook on the rating is stable.
The note proceeds will be utilized to refinance borrowings of S$240 million and for general corporate purposes.
The principal methodology used in rating Axiata was Moody's Global Telecommunications Industry published in December 2007, and available on www.moodys.com in the in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.
The last rating action was taken on 16th April 2010 when Axiata's Baa2 issuer rating and provisional (P)Baa2 bond rating were assigned.
Axiata is one of South-east Asia's largest regional cellular telecommunications providers with approximately 120 million subscribers.
Key investments include Celcom in Malaysia (wholly owned); PT Axiata XL in Indonesia (66.7% stake); Dialog in Sri Lanka (85% stake); and AxB in Bangladesh (70% stake), Hello Axiata Ltd in Cambodia (100%) as well as a 29.6% stake in M1 in Singapore and 19.0% in Idea in India.
Axiata was demerged from Telekom Malaysia Berhad (rated A3/stable) in April 2008. Axiata is currently 68% directly owned by GoM-related entities including a 44.5% stake held by Khazanah Nasional Berhad.
Hong Kong
Laura Acres
VP - Senior Credit Officer
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077
Hong Kong
Gary Lau
Managing Director
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077