| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers B > Headlines for Berau Coal Energy Tbk. > News item |
S&P downgrades Berau Coal
Standard & Poor’s said it lowered the long-term corporate credit rating on PT Berau Coal Energy Tbk. to CCC- from CCC+.
The agency also said it lowered the company’s long-term Asean regional scale rating to axCCC- from axCCC+, along with the long-term issue rating on its senior secured notes to CCC- from CCC+.
All of the ratings remain on CreditWatch with negative implications.
The downgrade follows Berau Energy’s Jan. 20 proposed capital transaction, which constitutes a distressed exchange under the agency’s criteria, S&P said.
The company proposed an upfront pay-down of 5% of $450 million in senior secured notes due July 2015 and an extension of the maturity of the remainder of the notes to February 2017, the agency said.
Based on these proposed terms, S&P said it views the offer as a distressed exchange because the terms are less than originally promised under the securities issued in 2010.
© 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.