S&P trims Metropolis Propertindo Utama

Standard & Poor’s said it lowered its long-term corporate credit rating on PT Metropolis Propertindo Utama (MPU) to B- from B+. The outlook is negative.

At the same time, S&P lowered the long-term Asean regional scale rating on the company to axB- from axBB.

“We lowered the rating to reflect our view that MPU’s financial performance will likely remain poor over the next 12 months. The downgrade also reflects the deterioration in the company’s liquidity position. Liquidity weakened mainly because of the company’s weak execution, sluggish sales and significant short-term debt, in our opinion,” said S&P credit analyst Kah Ling Chan in a news release.

© 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.