Fitch keeps Kawasan Industri on review

Fitch Ratings said it maintained PT Kawasan Industri Jababeka Tbk.'s long-term issuer default rating of B and national long-term rating of A-(idn) on rating watch negative.

“The RWN is maintained as there is no resolution as to whether there has been a change of control (CoC) event, as set out in the documentation of the company's $300 million 6½% bond due 2023,” the agency said in a news release.

“A CoC event would trigger the buyback requirement of the bond.”

Fitch said if that happens, it believes that the company could face liquidity and refinancing challenges.

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