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Fitch lowers Express Transindo
Fitch Ratings said it downgraded PT Express Transindo Utama Tbk.'s national long-term rating to A-(idn) from A(idn).
The outlook was revised to negative from stable.
The downgrades reflect the game-changing landscape in the Indonesian taxi industry, Fitch said.
The industry remains one of the key beneficiaries of the absence of convenient and reliable public transport modes, but the pick-up in competition from mobile app-based transportation services has reduced the ability of Express to recruit drivers, the agency said.
The heightened competition has led to a deterioration in Express's credit profile, Fitch said, and eroded the attractiveness of its partnership model.
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