Fitch downgrades Greenwood

Fitch Ratings said it downgraded the national long-term rating on PT Greenwood Sejahtera Tbk. to BB-(idn) from BB (idn). Fitch also downgraded the rating on the company’s Rp 72 billion senior unsecured bond due January 2020 to BB-(idn) from BB (idn).

“The downgrade reflects Greenwood’s heightened liquidity risk due to the continued inability to generate presales in its mixed-use Capital Square project in Surabaya and meaningful sales of its completed TCC Batavia Tower 1 office tower in Jakarta, where an oversupply of office space continues to pressure selling prices,” said Fitch in a press release.

The outlook is negative

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