JAKARTA. Pemeringkat Efek Indonesia or Pefindo has downgraded the ratings of PT Fast Food Indonesia (FAST) to “idAA-“ from “idAA” with a “stable” outlook.
According to Marshall Tatuhas and Yogie Surya Perdana, Pefindo analysts, Pefindo has stripped the rating due to FAST’s seemingly weakened credit profile. Besides, the business recovery during the COVID-19 pandemic seems slower than it is intended to be.
“The declining business and financial performance are observable through the contraction in the revenue by 28.7% year-on-year (yoy) and a negative EBITDA in 2020,” Pefindo further elaborates in a press conference received by idnfinancials.com.
On the other hand, the Community Activities Restriction that is once again enacted in Indonesia might hinder FAST’s business and financial performance. “We could also lower the ratings once the government enforced another Large-Scale Social Distancing, which would force shopping centres in major cities to close down temporarily,” Pefindo adds.
As of March 31, 2021, PT Gelael Pratam still owns 39.84% of Fast. Salim Group, represented by PT Indoritel Makmur Internasional Tbk (DNET), owns another 35.84%, while public investors share the remaining 24.24%. (KR/ZH)