Fitch rates Waskita Karya bond A-

Fitch Ratings said it assigned a long-term national rating of A-(idn) to PT Waskita Karya (Persero) Tbk.'s bond program and the Rp 1.5 trillion bond to be issued under the program.

The company plans to use 60% of the proceeds for refinancing and the remaining 40% to support its working capital.

The program and the bond are rated a notch below the company's national long-term rating of A(idn), Fitch said.

Fitch said it expects Waskita's prior-ranking debt/EBITDA to be considerably above the 2.5x threshold where it believes the interests of senior unsecured creditors are significantly subordinated to the interests of secured or prior-ranking creditors.

© 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.