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Fail to pay its debts, Waskita Beton rating is lowered to default

04 February 2022 10:15

JAKARTA. Pemeringkat Efek Indonesia (Pefindo), a local rating agency, demotes the rating of PT Waskita Beton Precast Tbk (WSBP) to “idD (Default)” from January 28 to September 1, 2022, due to its failure to settle its debts.

“The rating evaluation changed from the initial “idBBB-“ (with a negative outlook) to “idD (Default)”,” Asep Mudzakit, Financial and Risk Management Director of WSBP, confirmed in the official statement.

The said rating is also applied to the Shelf-Registered Bond I Phase I and II Year 2019 of WSBP, with a face value of IDR 2 trillion. The rating downgrade takes effect according to the financial data of WSBP as of September 30, 2021, and December 31, 2021.

“The obligor with an “idD” rating indicates the obligor fails to pay all its maturing financial obligations, rated or not,” Salyadi Saputra, President Director of Pefiindo, explained in the official release.

On January 25, 2022, the court put WSBP into suspension of debt payment obligation (lit. Penundaan Kewajiban Pembayaran Utang) status. The said decision forced the company into a debt standstill condition and thus is prohibited from making payments to all its creditors.

Next, on January 31, 2022, Indonesia Stock Exchange (IDX) temporarily suspended the trading activities of stock and bonds owned by WSBP in all markets. The suspension took effect following the deferral of its ninth round of interest payment pertaining to its Shelf-Registered Bonds I Phase II Year 2019. (KR/ZH)

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