S&P cuts MNC Investama, notes

S&P said it lowered its long-term corporate credit rating on PT MNC Investama Tbk. to CCC- from CCC and lowered the long-term issue rating on the $365 million senior secured notes that Ottawa Holdings Pte. Ltd. issued to CCC- from CCC.

MNC Investama guarantees the notes.

The agency also placed all the ratings on CreditWatch with negative implications.

S&P said the downgrade reflects a view of a growing likelihood that MNC Investama could take a corporate action that the agency construes as a distressed exchange over the next few months due to the lack of progress on refinancing the company's $365 million notes maturing in May.

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