Moody's cuts Humpuss Intermoda to B3

Moody's Investors Service said it downgraded the corporate family rating of PT Humpuss Intermoda Transportasi Tbk to B3 from B2 and withdrawn its provisional bond rating. The agency also downgraded the company's domestic secured bond rating to Baa3.id from Baa1.id.

The outlook is negative.

The downgrade has been driven by the company's weaker-than-expected profitability in the first nine months of 2008, Moody's said.

The depressed state of the shipping markets and tightness in the credit market also challenge its operating performance over the medium term, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.