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S&P lowers Antam to B-
Standard & Poor's said it lowered its long-term corporate credit rating on Indonesia-based PT Antam (Persero) Tbk. to B- from B+.
The outlook is developing.
At the same time, the agency lowered its long-term Asean regional scale rating on the company to axB from axBB-.
All ratings were removed from CreditWatch, where they were placed with negative implications on Jan. 14.
"We lowered the rating on Antam because we believe the company's operating efficiency, cash flows, and liquidity will reduce over the next 12 months. This is because we believe the ban on exports of unprocessed mineral ores in Indonesia is likely to persist beyond July 2014," S&P credit analyst Xavier Jean said in a news release.
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