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S&P downgrades KIJA
S&P said it lowered the long-term issuer credit rating on PT Kawasan Industri Jababeka Tbk. (KIJA) to B from B+.
The agency also downgraded the long-term issue rating on the company's guaranteed outstanding senior unsecured notes to B from B+.
The outlook is stable.
S&P said the downgrades are due to an expectation that KIJA's leverage will be higher than previously anticipated, given the company's weak performance in 2017.
The agency also said it revised the forecast of the company's leverage, as measured by the debt-to-EBITDA ratio to 5.8x to 6.2x over the next two years.
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