Moody`s Affirms (P)B1 Rating of PT Media Nusantara Citra; Outlook stable
2006 - Hong Kong, 30 Aug 2006

Moody's Investors Service has affirmed its provisional (P)B1 corporate family and bond rating on PT Media Nusantara Citra (MNC). This follows the company's announcement that the bond size to be issued will reduce to up to US$182 million from the initial proposed US$230 million. The ratings outlook is stable.

Moody's commented that the downsizing does not have any rating impact. "It will moderately improve interest and leverage metrics but not sufficiently to change the rating" said Moody's analyst Angela Choi. Other changes to the company's business including the decision not to proceed with the acquisition of a share in Indovision are also ratings neutral.

Moody's expects to affirm the ratings and remove them from their provisional status upon completion of the bond issuance. MNC, headquartered in Jakarta, Indonesia is an integrated media company with operations in television broadcasting network, radio and print media. It is the leader in Indonesia's FTA TV broadcasting market, owning 3 FTA TV networks out of a total of 11, and captured the largest audience and ADEX shares in 2005. MNC is 100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta Stock Exchange