Moody's alters Soechi view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed PT Soechi Lines Tbk.'s B2 corporate family rating. The agency also affirmed the B3 senior unsecured rating on the 2023 notes issued by Soechi Capital Pte. Ltd., a wholly-owned subsidiary of Soechi.

"The change in outlook to negative reflects the increasing refinancing risk stemming from the remaining $57 million outstanding on its bond coming due in January 2023," said Stephanie Cheong, a Moody's assistant vice president and analyst, in a press release.

"While the company expects to upsize its secured loan facility to fully refinance the maturing bond, a binding and definitive agreement has yet to appear," Cheong added.

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