Fitch lowers Waskita Beton

Fitch Ratings said it downgraded PT Waskita Beton Precast Tbk.’s national long-term rating to CC(idn) from CCC-(idn) and removed the rating from rating watch negative. At the same time, Fitch downgraded its Rp 2 trillion unsecured bond program and the bonds issued under the program to CC(idn) from CCC-(idn).

“The downgrade and removal of WSBP’s rating from RWN are driven by similar rating action on its parent, PT Waskita Karya (Persero) Tbk. (WSKT, CCC+(idn)),” Fitch said in a press release.

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