Moody's trims Agung Podomoro

Moody's Investors Service said it downgraded the corporate family rating of Agung Podomoro Land Tbk. to Caa2 from Caa1. The agency also lowered the rating on the 2024 notes issued by Agung Podomoro Land’s wholly owned subsidiary APL Realty Holdings Pte. Ltd. to Caa2 from Caa1. The parent guarantees the notes.

"The Caa2 rating reflects the company's unsustainable capital structure characterized by its high leverage and weak interest coverage as well as our expectations of lower-than-par recovery rates for its U.S. dollar bondholders in a challenging funding environment," said Rachel Chua, a Moody's vice president and senior analyst, in a press release.

The outlook remains negative.

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