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S&P trims MNC Investama
S&P said it lowered its long-term corporate credit rating on PT MNC Investama Tbk. to CCC from CCC+. The outlook is negative.
In addition, S&P said it lowered its long-term issue rating on the US$365 million senior secured notes that MNC Investama guarantees to CCC from CCC+. Ottawa Holdings Pte. Ltd. issued the notes.
MNC Investama is an Indonesia-based holding company with sizable media interests and growing operations in financial services.
S&P said the downgrade reflects the lack of progress on articulating and implementing a comprehensive and credible repayment or refinancing strategy for MNC Investama's guaranteed US$365 million senior secured notes maturing in May 2018.
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