Fitch lowers ABM Investama

Fitch Ratings said it downgraded PT ABM Investama Tbk.'s long-term foreign-currency issuer default rating to B+ from BB-. The outlook is negative.

The agency also downgraded the rating on the company’s dollar senior notes to B+ with a recovery rating of RR4 from BB-.

The downgrade reflects the company’s weakening business profile due to the loss of coal mining contracts with one of its customers, Toba Bara Sejahtra Tbk, in the first quarter of 2019, the agency said.

© 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.