Moody's lowers Davomas

Moody's Investors Service said it downgraded the corporate family rating of PT Davomas Abadi Tbk. to Ca from Caa3.

The outlook is negative.

"The rating action follows Moody's concerns that the weak sales over the past two quarters and poor inventory management could have led to the depletion of cash reserves and impaired the company's ability to service interest payments," Moody's analyst Alvin Tan said in a news release.

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