Fitch rates Waskita Karya bonds A-(idn)

Fitch Ratings said it revised the outlook on PT Waskita Karya (Persero) Tbk.'s national long-term rating to negative from stable and has affirmed the rating at A(idn).

At the same time, Fitch affirmed the A-(idn) national rating on Waskita's Rp 10 trillion bond program and the issuance under the program, and also assigned a national rating of A-(idn) to Waskita's proposed bond issuance of up to Rp 1.85 trillion, which constitutes the remaining unused funds from its program.

“The outlook revision reflects the risks associated with Waskita's high leverage of 6.1x, which increased as the company relied on external funding to deliver against its order book,” the agency said in a news release.

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