Moody’s cuts Agung Podomoro

Moody’s Investors Service has downgraded the corporate family rating of Agung Podomoro Land Tbk. to B3 from B2.

Also, Moody’s downgraded the backed senior unsecured rating of the 2024 notes issued by APL Realty Holdings Pte. Ltd., a wholly owned subsidiary of Agung Podomoro Land, to B3 from B2. The notes are guaranteed by Agung Podomoro Land and some of its subsidiaries.

“The downgrade reflects an increase in Agung Podomoro Land’s liquidity risk over the next 12 months because of the maturity of its secured loan in March 2021, and our expectation of weaker operating cash flows,” said Jacintha Poh, a Moody’s vice president and senior credit officer, in a press release.

The outlook is negative.

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