Fitch lowers Mitra Pinasthika

Fitch Ratings said it downgraded PT Mitra Pinasthika Mustika Tbk.'s long-term issuer default rating and senior unsecured long-term rating to B+/RR4 from BB-.

The outlook is stable.

At the same time, the agency withdrew the ratings for commercial reasons.

Fitch said the downgrade reflects a view that the company’s business profile has weakened following the divestment of PT Federal Karyatama to ExxonMobil UK Ltd. and Esso Petroleum Co. Ltd. in June.

“The divestment leads to a smaller business scale and lower business diversification,” Fitch said in a news release.

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