JAKARTA - Pemeringat Efek Indonesia (Pefindo) downgraded its rating for PT Panorama Sentrawisata Tbk (PANR) and its 2018 Medium-Term Notes (MTN) II Series B from "idBBB +" to "idBBB-" .
According to Pefindo's release published today (13/4), the downgrade reflects Pefindo's view on PANR's EBITDA (earnings before interest, taxes, depreciation, and amortization) and FFO (funds from operations), which may weaken this year due to the impact of COVID-19.
In addition, the rating agency estimates that the company's revenue will drop significantly in 2020 because most of the booked travel bookings have been canceled since February 2020. In addition, the company has no new bookings for the next few months. (ARM/AR)