S&P affirms PT Sri Rejeki Isman

S&P said it affirmed the BB- long-term corporate credit rating on PT Sri Rejeki Isman Tbk. (Sritex). The outlook remains negative.

S&P said it also affirmed the Asean regional scale rating on Sritex at axBB. In addition, S&P affirmed the BB- long-term issue rating on the notes issued by Golden Legacy Pte. Ltd. and guaranteed by Sritex.

“In our view, Sritex has yet to demonstrate an ability to manage rising seasonal peaks in working capital. We believe this, along with the company’s intention to maintain steady growth and investments, could test its liquidity position,” S&P said in a news release. “We therefore keep our rating outlook on negative.”

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