JAKARTA. Fitch Ratings, a rating agency, has placed PT Aneka Gas Industri Tbk (AGII) and a number of its debt securities on the Rating Watch Negative list, because of the high risk of debt refinancing.
Bob Jasper, Primary Rating Analyst of Fitch Ratings, explained that the rating also applies to the company's Shelf Registration Bond worth Rp 100 billion and sukuk worth Rp 205 billion to be issued by AGII. The two debt securities are planned to be issued in October 2020.
On the other hand, Fitch said that AGII will have to pay off its maturing bonds (Rp 195 billion) and sukuk (Rp 107 billion) by the end of December 2020. According to the data gathered by idnfinancials.com data, AGII only had Rp 402.11 billion in cash at the end of June 2020. With this condition, Fitch said that the risk for refinancing was quite high.(KR/AR)