...PT Indosat Tbk's (Indosat Ooredoo) ratings include implied support from its Qatar-based parent, Ooredoo Q.S.P.C. (A-/Stable). We assess the ties between the stronger parent and Indosat Ooredoo as moderate, and therefore rate the subsidiary on a `bottom-up' basis under our Parent and Subsidiary Rating Criteria. Indosat Ooredoo is rated one notch above Indonesia's Country Ceiling of `BBB'. In line with Fitch's Rating Non-Financial Corporates Above the Country Ceiling Rating Criteria, this incorporates our view that hard-currency support from Ooredoo would be available to service the Indonesian subsidiary hard-currency external debt, thus shielding the latter from transfer and convertibility risks....
