Fitch Ratings has affirmed Telekomunikasi Indonesia's (Telkom) long-term foreign- and local-currency issuer default ratings (IDRs) at 'BBB', with a negative outlook, according to a Friday statement.

The rating is in line with the outlook on the Indonesian sovereign's 'BBB' rating, the ratings agency said.

Telkom's Standalone Credit Profile (SCP) has been revised to 'a' from 'a-', which reflects the company's stable market leadership and very low EBITDA net leverage of around 0.4x, compared with that of peers.

The SCP revision is based on Fitch's expectation that the company can accommodate 5G investment while maintaining leverage.