Fitch assigns Sritex notes BB-

Fitch Ratings said it gave PT Sri Rejeki Isman Tbk. ’s proposed dollar-denominated senior unsecured notes a BB- rating. The notes will be issued by Sritex and guaranteed by its subsidiaries, PT Sinar Pantja Djaja, PT Bitratex Industries and PT Primayudha Mandirijaya.

“The notes are rated at the same level as Sritex’s senior unsecured rating as they represent the company’s unconditional, unsecured and unsubordinated obligations,” Fitch said in a press release.

Sritex will use the proceeds to refinance part of its syndicated facility and short-term facilities and extend the maturity of a portion of its debt due January 2022.

The outlook is negative.

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