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Moody's drops Bumi to Caa1
Moody's Investors Service said it downgraded the corporate family and senior secured bond ratings of PT Bumi Resources Tbk to Caa1 from B3.
The ratings remain on review, with direction uncertain.
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 the increased refinancing risk for Bumi Resources. The deadline in August for the refinancing of the $150 million term loan is less than a month away, and the company has yet to complete the potential monetization of its non-core assets," Simon Wong, a Moody's vice president, said in a statement.
Moreover, $360 million of loans at PT Bumi Resources Minerals Tbk (unrated), in which Bumi Resources has an 87.09% stake, will mature in September. These loans are non-recourse to Bumi Resources.
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