Moody's cuts Agri CFR to Ca

Moody's Investors Service said it lowered the corporate family rating of Agri International Resources Pte. Ltd. (AIRPL) as well as its rating on the senior secured bond issued by AI Finance BV to Ca from Caa1.

The outlook is developing.

"The rating action follows the downgrade of AIRPL's parent company, Bakrie Sumatera Plantations, and reflects both the close operating and financial dependencies between the two companies," Alan Greene, a Moody's vice president and senior credit officer, said in a release.

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