Moody’s cuts Sky Vision to B2

Moody's Investors Service said it downgraded PT MNC Sky Vision's corporate family rating to B2 from B1.

The outlook is negative. The action concludes the review for downgrade initiated on Sept. 25.

Subsequent to this action, the agency will withdraw MNC's corporate family rating for its own business reasons.

"The downgrade primarily reflects the refinancing risk associated with Sky Vision's $243 million bank loan – the bulk of which matures in November 2016 – and the rise in leverage due to its significant and unhedged foreign-currency exposure and its weakening operating performance," Moody's vice president and senior credit officer Annalisa Di Chiara said in a news release.

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