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S&P ups Bumi Resources to CC
Standard & Poor’s said it raised its long-term corporate credit rating on PT Bumi Resources Tbk. to CC from SD. The outlook is negative.
At the same time, S&P raised the long-term Asean regional scale rating on the company to axCC from SD and raised the long-term issue rating on senior secured notes that the company guarantees to CCC- from CC.
The rating action follows Bumi’s completion of a major part of its debt-for-equity swap with key lender China Investment Corp. S&P said it assesses the transaction as a distressed exchange. The remaining steps in the transaction are likely to be completed by September 2014 and will not affect the rating.
“Our rating on Bumi reflects the likelihood of another distressed exchange in the next few weeks in the form of a restructuring of US$375 million in convertible bonds that Bumi guarantees,” said S&P credit analyst Vishal Kulkarni in a news release. “We will lower the rating to SD (selective default) if the convertible bonds are restructured as proposed.”
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