Fitch cuts Fajar Surya Wisesa notes to B

Fitch Ratings said it downgraded PT Fajar Surya Wisesa Tbk's long-term foreign-currency and local-currency issuer default ratings and the issue rating of its $100 million senior notes to B from B+ and affirmed the recovery rating of the senior notes at RR4. The agency also said it downgraded its national long-term rating to BBB(idn) from A-(idn).

The outlook is negative.

The downgrades reflect Fajar's deteriorating financial profile due to a significant drop in its sales volumes in the fourth quarter of 2008, Fitch said.

Weak demand and currently low selling prices are expected to continue in 2009, while a possible recovery will rely mainly on a recovery in the global economy, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.