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S&P cuts Modernland 2021 notes
S&P said it downgraded the rating on PT Modernland Realty Tbk.’s 10¾% senior unsecured notes due 2021 to D from CC after the company missed the Aug. 30 coupon payment.
“We believe the company is unlikely to make this coupon payment within the 30-day grace period, due to its limited cash resources,” S&P said in a press release.
The rating on Modernland’s 2024 notes remains CC. “We kept the ratings on the $240 million notes due 2024 at CC because we believe a default is a virtual certainty. We believe the company has limited cash sources to service the 2024 note coupon payment of $8.3 million due in October this year,” S&P said.
S&P said it believes Modernland will conduct a comprehensive debt restructuring, which could be a distressed debt exchange.
Modernland’s issuer rating remains at SD.
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