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Fitch lowers Bakrie Telecom
Fitch Ratings said it downgraded PT Bakrie Telecom Tbk.'s long-term foreign- and local-currency issuer default ratings to CCC from B.
The agency also said it downgraded the senior unsecured rating to CCC from B. The recovery rating remains at RR4.
The downgrade reflects the growing liquidity risks that the company faces with its Rp 650 billion bond maturing on Sept. 4, 2012 and finance lease obligation payments of Rp 660 billion in 2012, Fitch said.
The company currently is negotiating with foreign banks to raise refinancing loans, the agency said.
However, its high leverage and poor trading results mean it is likely to breach the financial covenants of its obligations, Fitch said.
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