Fitch cuts Waskita Karya

Fitch Ratings said it downgraded PT Waskita Karya (Persero) Tbk.'s national long-term rating to BBB+(idn) from A(idn).

The outlook is negative.

At the same time, the agency downgraded the company’s senior unsecured note program and the notes issued under the program to BBB(idn) from A-(idn).

“The downgrade reflects WSKT's weakening financial profile, given its high leverage and weak interest coverage, as a result of weak profitability from lower new contract achievements and a longer working-capital cycle,” the agency said in a news release.

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