Fitch places Pelindo on watch

Fitch Ratings said it placed PT Pelabuhan Indonesia (Persero) (Pelindo)’s BBB long-term foreign-currency issuer default rating, senior unsecured rating and senior unsecured notes on rating watch negative.

“Pelindo was previously PT Pelabuhan Indonesia II (Persero) (Pelindo II), which was the surviving entity after it merged with PT Pelabuhan Indonesia III (Persero) and two other state-owned port operators, PT Pelabuhan Indonesia I (Persero) and PT Pelabuhan Indonesia IV (Persero). The merged entity has been renamed PT Pelabuhan Indonesia (Persero) (Pelindo).

“The RWN reflects the potential for a downgrade of the ratings on Pelindo after Fitch's review of Pelindo's consolidated business and financial profiles, and linkages with the Indonesian government (BBB/stable),” the agency said in a press release.

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