Another Downgrades Week

On rating front, Pemeringkat Efek Indonesia (Pefindo) lowered PT Medco Energi Internasional, Tbk (MEDC:IJ) to idA+/stable (from idAA-/negative) along with its Shelf Registered Bond I 2012-2013, USD bond I 2011-2012 and Bond III/2012. Downgrade was driven by continued weak crude prices which resulted a weaker revenue and profitability. In 1H2015, the company realized lower revenue by 22.4% yoy while its EBITDA fell 35.7% yoy. Elsewhere, PT Perkebunan Nusantara II rating was also slashed one notch to BBB-/stable (from BBB/negative) driven by increasing leverage and weaker cash flow protection as the company plans to seek for another debt to refund business activity.

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