Moody's changes Sritex view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed Sri Rejeki Isman Tbk.’s (Sritex) corporate family rating of Ba3.

Also, Moody's affirmed the Ba3 ratings on the $150 million of senior unsecured notes due in 2024, issued by Golden Legacy Pte. Ltd. and guaranteed by Sritex and its subsidiaries, and the $225 million of senior unsecured notes due in 2025, issued by Sritex and guaranteed by all its operating subsidiaries.

"The negative outlook reflects our expectation that diminished consumer spending on apparel and footwear globally as a result of the coronavirus outbreak will reduce Sritex's earnings and increase its working capital needs through 2020," said Stephanie Cheong, a Moody's analyst, in a press release.

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