S&P trims PT Gajah Tunggal, on negative watch

S&P said it lowered its long-term corporate credit rating on PT Gajah Tunggal Tbk. to B- from B and lowered the long-term Asean regional scale rating on the company to axB- from axB+.

At the same time, S&P lowered the long-term issue rating on Gajah Tunggal's senior secured notes to B- from B. and placed all the ratings on the company and the notes on CreditWatch with negative implications.

“The downgrade reflects rising refinancing risk relating to Gajah Tunggal's senior secured notes maturing in February 2018,” said S&P credit analyst Yuehao Wu in a news release.

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