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S&P cuts Energi Mega Persada
Standard & Poor's said it lowered the long-term corporate credit rating on PT Energi Mega Persada Tbk to CCC+ from B-, along with the proposed senior secured notes issued by EMP International Holdings Pte. Ltd. to CCC+ from B-.
The outlook is developing.
The agency said the downgrade reflects the increased pressure on the company's liquidity from persisting covenant breaches on its existing bank loans, S&P said.
The agency said it expects the company to have adequate cash to sustain operations.
The company's financial risk profile will remain highly leveraged in the next one to two years, even though the agency said it expects coverage ratios to further improve in fiscal 2011 after the start of gas production from the Bentu block.
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