Moody's Downgrades Bumi Resources Ratings to B3
JAKARTA - Moody's Investors Service has downgraded the corporate family and senior secured bond ratings of PT Bumi Resources Tbk (BUMI) to B3 from B2.
The senior secured bonds are issued by Bumi Capital Pte Ltd and Bumi Investment Pte Ltd, both of which are wholly owned subsidiaries of Bumi Resources.
"The downgrade reflects our concern about Bumi's ability to refinance its upcoming debt maturities in a timely manner, given the delays in the separation of Bumi Resources from Bumi Plc and the stoppage of work by a mining contractor at the Arutmin mine since late April," says Simon Wong, a Moody's Vice President and Senior Analyst and the Lead Analyst for Bumi Resources.
In February 2013, Bumi Plc signed an agreement to divest its entire 29.2% stake in Bumi Resources to Bakrie Group. The transaction, initially proposed in October 2012 by Bakrie Group, is still pending the approval of Bumi Plc's shareholders.
The uncertainty over Bumi Resources' shareholding structure has in turn delayed the refinancing of its upcoming debt maturities in Q3 2013.
__________________________________________________
en.bisnis.com/articles/...ngrades-bumi-resources-ratings-to-b3