Moody’s cuts Agung Podomoro

Moody's Investors Service said it downgraded the corporate family rating of Agung Podomoro Land Tbk. PT to B2 from B1.

At the same time, Moody's downgraded the backed senior unsecured rating of the 2024 notes issued by APL Realty Holdings Pte. Ltd., a wholly owned subsidiary of Agung Podomoro Land, to B2 from B1.

The notes are guaranteed by Agung Podomoro Land and some of its subsidiaries.

The outlook was changed to ratings under review for downgrade from negative.

“The downgrade reflects Agung Podomoro Land's weak financial management and our expectation that the company's operating performance is unlikely to improve in 2019,” Jacintha Poh, Moody's vice president and senior credit officer, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.