Fitch revises Bukit Makmur Mandiri Utama view to negative

Fitch Ratings said it revised the outlook on PT Bukit Makmur Mandiri Utama's long-term foreign-currency issuer default rating to negative from stable and affirmed the IDR at BB-. Fitch also affirmed the company's outstanding senior unsecured notes at BB-.

“The outlook revision reflects our expectations that BUMA's weakening credit metrics will lower its rating headroom; this follows a revision of our volume and price assumptions. We expect the company's overburden removal volume to decline in 2020, before modestly improving in 2021, as coal miners cut production volume amid the challenging economic conditions caused by the coronavirus pandemic,” said Fitch in a press release.

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