(TIS) - The following is a statement from Moody's Investors Service.

Hong Kong, August 05, 2013 -- Moody's Investors Service says that the 1H 2013 operating results of PT Tower Bersama Infrastructure Tbk (TBI, Ba2 stable) were better than expectations, but still within the parameters of its Ba2 rating with stable outlook.

TBI's revenue jumped 96% year-on-year to IDR1.3 trillion in 1H 2013, while the company's EBITDA doubled to approximately IDR1.04 trillion compared to 1H 2012, largely driven by its acquisition of towers in 2H 2012.

In addition, even when compared with 2H 2012 numbers, TBI's growth was solid, with its revenue increased by 19% and EBITDA rising 18% in 1H 2013.

As a result, TBI maintained its adjusted EBITDA margin at over 80% for the 12 months ended June 2013, while its adjusted debt/EBITDA for the same period was 5.8x compared with 6.2x in 2012.

Given its strong revenue and earnings growth, Moody's expects the company's adjusted debt/EBITDA to fall to below 5.0x in 2013. Moody's had previously estimated that TBI's adjusted debt/EBITDA would remain at over 5.0x in 2013.

"We expect the company to maintain its solid financial performance, as its long-term and non-cancellable contracts with leading telecommunication operators in Indonesia provide stability and visibility. for its revenue stream," says Yoshio Takahashi, a Moody's Assistant Vice President and Analyst.

Given the continued increase in EBITDA owing to higher signed tenancies, it is likely that TBI's adjusted debt/EBITDA will decrease to around 4.0x-4.5x in 2014 in the absence of substantial future acquisitions, and which is in line with Moody's expectations.

"While acquisitions are a core part of TBI's growth strategy, the company has limited flexibility to accommodate any material debt-funded acquisitions at its current rating level," says Takahashi, also Moody's Lead Analyst for TBI.

Despite the little tolerance for TBI to take up any additional debt, Moody's notes that the company has diversified its funding sources and lengthened its debt maturity profile from 2016 to 2018 following the issuance of $300 million 5-year notes in March 2013.

Furthermore, TBI's management has a track record of adopting a prudent approach to acquisitions and has demonstrated the ability to successfully integrate acquired companies.

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

TBI is the holding company of the TBG, one of the 2 leading independent tower operators in Indonesia, with 9,308 telecommunication sites serving 15,293 tenants as of June 2013. It leases space on its telecommunications towers to cellular telecommunications operators on long-term contracts.