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Moody's may cut three Indonesian securities firms
Moody's Investment Service said it placed on review for possible downgrade the national scale ratings of Panin Sekuritas Tbk, rated A1.id, Kresna Graha Sekurindo Tbk, rated A3.id, and Bhakti Securities, rated Baa1.id.
This action reflects the increasing volatility in the Indonesian stock market, which has exerted some pressure on the three firms' earnings, liquidity and debt service capability, Moody's said.
The review will focus on the extent to which the substantial drain in stock market liquidity has affected the three firms' fundamental earnings drivers over the medium term, the agency said.
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