S&P cuts Buana Lintas Lautan

S&P said it downgraded its issuer rating for PT Buana Lintas Lautan Tbk. (BULL) to B from B+.

“We downgraded BULL to reflect our expectation that the company's sizable debt will result in elevated leverage and thin liquidity over the next 12 months. Our B rating on BULL also incorporates our view of the company's high leverage tolerance to support its fleet growth aspirations,” the agency said in a press release.

S&P noted BULL could spend more than $100 million on new vessels over the 12 months to March 31, 2022. BULL more than doubled its fleet to 38 vessels from 2019 to Dec. 31, 2020.

The outlook is stable.

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