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S&P cuts Bakrie Telecom
Standard & Poor's said it lowered the long-term corporate credit rating on PT Bakrie Telecom Tbk. to CCC+ from B.
The agency also said it lowered Bakrie Telecom Pte. Ltd.'s senior unsecured notes due 2015 to CCC+ from B.
Bakrie Telecom guarantees the notes.
The outlook is negative.
The downgrades are due to an expectation that the company's liquidity will come under considerable pressure in the next seven months, S&P said.
Despite an increase in tariffs in September 2011, an improvement in the company's operating performance is likely to be lower than expected in 2012, the agency said.
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