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Fitch downgrades Tunas Baru
Fitch Ratings said it downgraded PT Tunas Baru Lampung Tbk.'s long-term issuer default rating to B+ from BB-.
Fitch also said it downgraded the national long-term rating to A(idn) from A+(idn).
The outlook is stable.
Fitch also said it downgraded the rating on the $200 million 7% senior unsecured notes due 2023, issued by wholly owned subsidiary TBLA International Pte. Ltd. to B+ from BB-.
The agency also said it assigned a recovery rating of RR4.
The ratings on the company's rupiah senior unsecured bonds and medium-term also were downgraded to A(idn) from A+(idn).
The downgrades follow an increase in Tunas Baru's leverage and worsening of cash flow in 2018, Fitch said.
The company's credit metrics were hit by a large working capital outflow and sustained growth in capital expenditures, both of which were higher than expectations, the agency said.
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