Fitch revises watch on GEAR to evolving

Fitch Ratings said it revised the rating watch on Golden Energy and Resources Ltd.'s (GEAR) B+ long-term foreign-currency issuer default rating and B+ senior bonds to evolving from negative. The senior bonds have an RR4 recovery rating.

“The watch revision reflects the high uncertainty caused by the delay in segregating GEAR's 62.5% shareholding in PT Golden Energy Mines Tbk. (GEMS, BB-/stable) and GEMS' improved credit profile, with Fitch upgrading the company to BB-/stable from B+/positive on April 9, 2023,” Fitch said in a press release.

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