S&P: Energi Mega to negative

Standard & Poor's said it revised the outlook on PT Energi Mega Persada Tbk. to negative from stable.

The agency also said it affirmed the company’s B long-term corporate credit rating and lowered its long-term Asean regional scale rating to axB+ from axBB-.

The outlook revision is due to the company's refinancing risk, which will increase through 2016 as the company faces sizable debt repayments over the period, S&P said.

Energi Mega’s liquidity also could fall to weak over the next 12 months unless the company lengthens its overall debt maturity profile meaningfully, the agency said.

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