Bakrie Telecom Downgraded by Fitch, S&P After Missed Coupon
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PT Bakrie Telecom’s debt was downgraded to default by Standard & Poor’s and to a level signaling imminent default by Fitch Ratings Ltd. after failing to pay a $21.8 million coupon on a bond due yesterday.
Bakrie Telecom’s long-term foreign and local-currency rating and its May 2015 $380 million bond were cut to C from CC, Fitch said in a statement today. The company was unlikely to find the funds to pay the coupon within 30 days before a default is triggered, Fitch said. S&P cut the company’s long-term corporate credit rating to D from CC and its long-term ASEAN regional scale rating to D from axCC.