Moody’s downgrades Pan Brothers

Moody’s Investors Service said it downgraded PT Pan Brothers Tbk.’s corporate family rating to Caa1 from B3. Simultaneously, Moody’s downgraded to Caa1 from B3 the senior unsecured rating on the 2022 notes issued by PB International BV, a wholly owned subsidiary of Pan Brothers, and guaranteed by Pan Brothers and all of its subsidiaries.

“The downgrade reflects our material concerns over Pan Brothers’ ability to refinance its imminent upcoming debt maturities,” said Stephanie Cheong, Moody’s lead analyst for Pan Brothers.

“While the company has made some progress in its refinancing efforts, no binding agreement is in place yet and so the timing of the execution of its plans remains highly uncertain and significantly challenging for the company’s ratings,” added Cheong.

The outlook remains negative.

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