S&P revises Japfa view to negative

S&P said it revised the outlook for PT Japfa Comfeed Indonesia Tbk. to negative from stable.

The agency said the outlook reflects the prospect of weaker cash flow adequacy and interest coverage ratios in 2020 and 2021 given steady capital spending, likely persisting negative free operating cash flow and rising debt.

S&P affirmed the company’s long-term issuer credit rating and the issue rating on its $250 million of senior unsecured notes maturing in 2022 at BB-.

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