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PT MNC Investama Tbk. downgraded to 'CCC-'

FE Online Desk | Published: February 04, 2018 13:35:43 | Updated: February 06, 2018 12:17:15


SINGAPORE (S&P Global Ratings) Feb. 2, 2018--S&P Global Ratings today lowered

its long-term corporate credit rating on PT MNC Investama Tbk. to 'CCC-' from

'CCC'.

"In addition, we lowered our long-term issue rating on the US$365

million senior secured notes that Ottawa Holdings Pte. Ltd. issued to 'CCC-'

from 'CCC'. MNC Investama guarantees the notes. We have placed all the ratings

on CreditWatch with negative implications," said a statement issued by S & P.

 

MNC Investama is an Indonesia-based holding company with sizable media

interests and growing operations in financial services.

 

The downgrade reflects the S & P view of a growing likelihood that MNC Investama

could take a corporate action that we construe as a distressed exchange over

the next few months. This is due to the lack of progress on refinancing the

company's US$365 million notes maturing in May 2018. 

 

-rmc//

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