Moody's cuts Matahari Putra CFR

Moody's Investors Service said it downgraded the corporate family rating of PT Matahari Putra Prima Tbk. to B2 from B1.

The outlook is stable.

"Matahari's rating downgrade reflects its anticipated free cash flow generation relative to its high debt and financial leverage for 2012 and 2013. The company has not met de-levering expectations that were presumed by Moody's for its B1 rating. Furthermore, Moody's estimates that the company's debt-to-EBITDA leverage for 2013 will continue to exceed 5.5x," Moody's vice president and senior analyst Annalisa DiChiara said in a news release.

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