Moody's downgrades Aneka Tambang

Moody's Investors Service said it downgraded the corporate family rating of PT Aneka Tambang (Persero) Tbk to B2 from Ba3 and changed the outlook to negative.

Moody's said the downgrade reflects its view that the mineral ore ban will significantly weaken Aneka Tambang's operating performance and cash flows in 2014 and 2015, following a weak second half performance in 2013, as the now banned nickel and bauxite ore exports had accounted for about a third of Aneka Tambang's revenues and earnings.

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