S&P downgrades MNC Investama

Standard & Poor’s said it lowered the long-term corporate credit rating on PT MNC Investama Tbk. to B from B+, along with its long-term Asean regional scale rating to axB+ from axBB-.

S&P also said it lowered the long-term issue rating on the senior secured notes issued by Ottawa Holdings Pte. Ltd. to B from B+. The notes are guaranteed by MNC Investama.

The outlook is negative.

MNC Investama has sizable media interests and growing operations in financial services, the agency said.

The downgrades reflect an expectation that the company’s financial strategy will remain aggressive despite a heavy debt-maturity profile over the next two- to three-years and a tougher operating environment, S&P said.

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