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
"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.