S&P downgrades Bakrie Telecom

Standard & Poor's said it lowered its long-term corporate credit rating on PT Bakrie Telecom Tbk. to D from CC and its long-term Asean regional scale rating to D from axCC.

At the same time, the agency lowered its issue rating on the U.S. dollar-denominated senior unsecured notes due 2015 that Bakrie Telecom guarantees to D from CC.

The notes were issued by Bakrie Telecom's subsidiary Bakrie Telecom Pte. Ltd.

"We downgraded BTEL because we do not expect the company to make the interest payment on its guaranteed notes within the 30-day period allowed under the bond indenture," S&P credit analyst Mehul Sukkawala said in a news release. Bakrie Telecom missed the payment on the due date of Nov. 7.

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