Moody's cuts Humpuss Intermoda to Ba2.id

Moody's Investors Service said it downgraded the national scale bond rating of PT Humpuss Intermoda Transportasi Tbk. to Ba2.id from Baa3.id.

The outlook remains negative.

This action follows the fact that the company has missed the payments for its bareboat hires of its panamax vessels, Moody's said.

The company was reported to have missed paying to its counter-parties of about $3.36 million in bareboat-hire payments, the agency said.

However, Moody's said it understands that this situation should not trigger a cross-default under the company's current IDR bond indenture.

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