Fitch downgrades Greenwood

Fitch Ratings said it downgraded PT Greenwood Sejahtera Tbk's national long-term rating to BBB(idn) from BBB+(idn).

The outlook is stable.

The agency also downgraded the rating on the company's Rp 72 billion senior unsecured bond to BBB(idn) from BBB+(idn).

Fitch said the downgrade reflects the company's continued inability to achieve meaningful presales, which has resulted in its presales/gross debt ratio remaining below 30%, the level at which the agency would consider negative rating action, for two consecutive years.

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