Energi Mega Downgraded to B-/Negative

Standard &Poor’s (S&P) has downgraded Energi Mega Persada Tbk (ENRG:IJ) to B- with negative outlook. The downgrade was driven by higher refinancing risk given the company has substantial short term debt in its parent company. S&P sees that the affiliated Bakrie Group’s internal cash will not be sufficient to cover the short term debt. As such, the company will utilize new short term borrowings for the refinancing purpose. The downgrade is also driven by weakening gas and oil industry outlook on the back of depressed crude oil prices.

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