Moody's trim Buana Lintas

Moody's Investors Service said it trimmed PT Buana Lintas Lautan Tbk.’s (BULL) corporate family rating to B2 from B1.

“"The downgrade reflects BULL's persistently narrow liquidity headroom because of its low cash balance, high debt amortization burden and reduced cash flow generation, given the still-weak tanker rate environment," said Stephanie Cheong, a Moody's assistant vice president and analyst, in a press release.

"BULL faces higher refinancing uncertainty given its deteriorated funding access and the volatility in offshore capital markets," Cheong added.

The outlook remains negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.