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S&P ups XL Axiata
Standard & Poor's said it raised the long-term corporate credit rating on PT XL Axiata Tbk to BB from BB-.
The outlook is stable.
The upgrade reflects the strengthening of the company's financial metrics stemming from strong earnings, improved profitability and continued reduction of debt, S&P said.
The company's gross debt-to-EBITDA ratio was 1.3x for the 12 months that ended Sept. 30.This is a marked improvement from the gross debt-to-EBITDA ratio of 2.2x in 2009, S&P said.
The improvement is attributed to a strategy the company implemented in 2009 to clean up its telecommunication network distribution and improve the quality of its subscribers, the agency said.
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