Fitch trims Waskita Beton Precast

Fitch Ratings said it downgraded PT Waskita Beton Precast Tbk.'s national long-term rating to CCC-(idn), from BB(idn)/negative, and placed it on rating watch negative. At the same time, Fitch downgraded the company’s unsecured bond program and the bonds issued under the program to CCC-(idn), from BB(idn).

“The downgrade follows similar rating action on parent PT Waskita Karya (Persero) Tbk. (WSKT, B(idn)/ RWN), after Fitch lowered the parent's stand-alone credit profile (SCP) to ccc-(idn) from bb(idn) on weakening liquidity and higher refinancing risk. Fitch rates WSBP – which we believe has a stronger credit profile than the parent, as evident from its SCP of b-(idn) – based on WSKT's SCP due to moderate ties between the two entities. The RWN similarly reflects its parent's RWN,” Fitch said in a press release.

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