Fitch downgrades Pan Brothers

Fitch Ratings said it downgraded PT Pan Brothers Tbk.’s long-term issuer default rating to B- from B. At the same time, Fitch downgraded Pan Brother’s national long-term rating to BBB-(idn) from A-(idn). The agency placed the ratings on rating watch negative.

“The downgrade reflects pressure on PB’s liquidity and the elevated refinancing risk associated with its $138.5 million credit loan facility due February 2021 and $171 million bond due January 2022, which was issued by its subsidiary, PB International BV,” Fitch said in a press release.

Pan Brothers is refinancing its credit loan facility and is exploring various strategies for the bond. “However, given the market uncertainty and limited runway to maturity, we have placed the ratings on RWN. We expect to resolve the RWN upon a successful refinancing of the facility, provided PB’s liquidity position does not deteriorate further,” Fitch said.

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