S&P affirms Gajah Tunggal

Standard & Poor's said it affirmed its B long-term corporate credit rating on PT Gajah Tunggal Tbk.

The outlook is stable.

At the same time, it affirmed the B issue rating on the five-year $325 million senior unsecured bonds issued by GT2005 Bonds BV and irrevocably and unconditionally guaranteed by Gajah Tunggal.

According to S&P, the rating on Gajah Tunggal reflects an aggressive financial policy, despite significant improvement in Gajah Tunggal's debt leverage over the past three years, its debt to capital remained high at 65% at June 30, noting that this is somewhat offset by low cost position.

© 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.