S&P pares PT Bumi Resources

S&P said it pared its rating for PT Bumi Resources Tbk. to CCC from CCC+ and the ratings on the tranche A and tranche B debt that Bumi guarantees.

“We believe Bumi faces insurmountable debt maturities over the next 12-15 months and will have limited refinancing options,” the agency said in a press release.

S&P warned that even with favorable coal prices Bumi's coal mining subsidiaries are unlikely to efficiently send dividends upstream in 2021 and 2022.

The outlook is negative.

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