JAKARTA. Pemeringkat Efek Indonesia (Pefindo) has lowered the rating of Bond I Series E 2018 issued by PT Kapuas Prima Coal Tbk (ZINC), following the failure to pay the bond principal amounting to IDR 23 billion.

Even though ZINC has had the opportunity to settle its obligations during the remedial period, which ends on January 4, 2024. As a result, Pefindo lowered the bond rating to "idD (Default)" from the previous "idCCC".

This decline also had an impact on ZINC's rating to "idSD (Selective Default)". "We also lowered the company's rating to "idSD" from "idCCC" with CreditWatch with negative implications," wrote Pefindo in its official statement yesterday.

According to idnfinancials.com data, an obligor or bond issuer with an "idSD" rating indicates that the obligor has failed to pay one or more of its financial obligations that are due. Whether the obligations have been rated or not, you can still pay on time for other obligations.

Currently, ZINC shares are still in the suspension period by the Indonesian Stock Exchange (BEI). The shares of this mining issuer are on the Special Monitoring listing board. (KR/LM)