JAKARTA. Pemeringkat Efek Indonesia (Pefindo), a domestic rating agency, has lowered the rating of Bond I Year 2018 issued by PT Kapuas Prima Coal Tbk (ZINC) to “idD” from the previous “idCCC”.

At the same time, Pefindo also revises the corporate rating of ZINC to “idD” from the initial “idSD”. This corporate and bond rating demotion was announced by Pefindo in the official release yesterday (19/8).

“Our rating evaluation follows ZINC’s failure in fulfilling the payment of restructured principal and interest of the bond worth IDR 1.45 billion on August 13, 2024,” said Pefindo in the disclosure.

This revision is also considered as Pefindo’s anticipatory measure in response to ZINC’s inability to fulfil its obligation. Furthermore, Pefindo also weighs up strained liquidity of the company due to export payment reschedule.

“In the meantime, ZINC’s working capital is limited due to inactivation of trust receipts by banks, and there has been no support from shareholders,” added Pefindo.

However, Pefindo said that ZINC’s bond and corporate rating may be reevaluated should there be any solution regarding the fulfilment of this obligation towards the creditors. (KR/ZH)