Fitch stabilizes ABM Investama outlook

Fitch Ratings said it revised PT ABM Investama Tbk.'s outlook to stable from negative and affirmed the issuer and senior notes ratings at B+. The notes’ recovery rating remains RR4.

“The outlook revision reflects a strong improvement in ABM's coal-contracting business; we expect further volume growth from new contracts and a ramp-up in production by existing customers after a decline in 2020 to support operating cash flows and partly offset the deterioration in the mining segment's profitability. Leverage should improve modestly and remain adequate for the rating over the next three years, excluding any acquisitions,” Fitch said in a press release.

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