Fitch lowers Agung Podomoro

Fitch Ratings said it downgraded PT Agung Podomoro Land Tbk.'s long-term issuer default rating to B from B+.

The outlook is stable.

The agency also said it downgraded the rating on the company's $300 million of notes due 2024 to B from B+ with recovery rating of RR4.

The notes are issued by the company's wholly owned subsidiary, APL Realty Holdings Pte. Ltd., and guaranteed by Agung Podomoro and several of its subsidiaries, Fitch said.

The downgrades follow deterioration in the company's operating cash flows, which forced it to take on more borrowing, the agency said.

The ratings also consider the company's sufficient land bank and strong brand franchise in Indonesia's property market, Fitch said.

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