Moody's assigns ABM Investama notes B1

Moody's Investors Service said it assigned a B1 rating to the proposed dollar-denominated senior unsecured notes to be sold by ABM Investama Tbk. In connection with Moody's ongoing review of ABM's ratings, the B1 rating assigned today has also been placed on review for downgrade.

The B1 rating is in line with ABM's B1 corporate family rating, because the agency said it expects unsecured debt to constitute a majority of ABM's total debt over the next 12-18 months.

ABM plans to use the proceeds to fund its tender offer to fully redeem its $350 million of outstanding senior notes due on Aug. 1, 2022.

"The ratings remain on review for downgrade as ABM's ability to raise enough funds to eliminate near-term refinancing risk remains uncertain as the planned issuance is still subject to market conditions and investor appetite," says Maisam Hasnain, a Moody's assistant vice president and analyst, in a press release.

© 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.