TAXI’s Rating Cut to A-/Negative as Competition Stiffens

Fitch Rating has downgraded Express Transindo Utama Tbk’s (TAXI:IJ) national long term rating to ‘A-(idn)’ from ‘A(idn)’ and the outlook was revised to negative from stable. The downgrade was driven by stiffer competition in Indonesian taxi industry. The industry is facing fierce competition from mobile app-based transportation services which has reduced TAXI’s ability to recruit drivers and further weaken its credit profile. The intensified competition has led to a deterioration in TAXI’s credit profile and erode the attractiveness of its partnership model, where TAXI receives a fixed daily tariff which allowed for stable and highly predictable earnings stream.

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