S&P cuts Serba Dinamik

S&P said it lowered its ratings on Serba Dinamik Holdings Bhd. and its guaranteed sukuk to B+ from BB-. The agency removed the ratings from CreditWatch, where they were placed with negative implications on April 3.

“We anticipate the Malaysia-based engineering and construction company's increase in gross debt will outpace its EBITDA growth, signaling a more aggressive approach toward balance sheet management. Its low conversion of EBITDA is also likely to persist, limiting growth in operating cash flows,” S&P said in a press release.

The outlook is stable.

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