Moody’s drops MNC Investama, notes

Moody's Investors Service said it downgraded the corporate family rating of PT MNC Investama Tbk. (BHIT) to B2 from B1 and the bond rating of the $365 million senior secured notes issued by wholly owned subsidiary Ottawa Holdings Pte. Ltd., and guaranteed by MNC Investama, to B3 from B2.

The outlook is negative.

Through its 50.24% stake in Global Mediacom, MNC Investama has a significant stake in media operating companies PT Media Nusantara Citra Tbk. and PT MNC Sky Vision Tbk.

"The rating action reflects the deterioration in BHIT's financial profile, as evidenced by its rising leverage and weaker interest coverage metrics, as well the near-term refinancing risk associated with the U.S. dollar-denominated loan maturing in 2016 at Sky Vision, one of its media operating subsidiaries," Moody's vice president and senior credit officer Annalisa Di Chiara said in a news release.

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