Another Indonesia Bond Market Downgrade Week

On the rating front, Pemeringkat Efek Indonesia (Pefindo) downgraded another company last week. Pefindo lowered Trikomsel Oke, Tbk (TRIO:IJ) rating to idBBB (from idBBB+) though the outlook was revised to stable from negative. Its convertible bond’s rating was also slashed to idBBB from idBBB-. The downgrade was driven by its weakening capital structure and cash flow protection due to lower than projected EBITDA while the company still has relatively high leverage. In addition, Pefindo revised the outlook on PT Eagle High Plantation, Tbk (BWPT:IJ) to negative from credit watch while the rating was maintained at idBBB+.

Aneka Tambang Rating Downgraded to idBBB+ from idA-

Telkomsel’s Rating Affirmed Baa1; Bank Syariah Mandiri at idAA+

Weekly Rating Action on Positive Note

Fitch Affirms Indonesia Ratings at BBB-/Stable

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