S&P downgrades Metropolis

Standard & Poor’s said it lowered the long-term corporate credit rating on PT Metropolis Propertindo Utama to CCC+ from B-.

S&P also said it lowered the long-term Asean regional scale rating on the company to axCCC+ from axB-.

The ratings were then withdrawn at the company’s request, the agency said.

The downgrades reflect the lack of information on the company’s recent operating performance and uncertainty regarding the company’s proposed reorganization, S&P said.

The agency said it believes the company’s capital structure was unsustainable because the company was highly unlikely to lower its ratio of debt-to-EBTIDA to less than 9.4x by December 2015.

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