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Bulletin: Rating On PT Gajah Tunggal Tbk. Unaffected By GITI Tire Pte. Ltd. Downgrade Oct 11
Standard & Poors, Oct 2011
Abstract
SINGAPORE (Standard & Poor's) Oct. 6, 2011--Standard & Poor's Ratings Services said today that its rating on PT Gajah Tunggal Tbk. (B/Stable/--) is unaffected by the downgrade of related-party GITI Tire Pte. Ltd. earlier today. We do not expect liquidity pressure at GITI to affect our assessment of Gajah Tunggal's liquidity. Further, we do not anticipate that Gajah Tunggal will distribute exceptional dividends to its shareholders. Our liquidity assessment for the company factors in total dividend distributions of about Indonesia rupiah (IDR) 50 billion in 2012. We lowered our corporate credit rating on GITI to 'B-' from 'B' with a negative outlook because of the company's thin headroom under its club loan covenants and higher liquidity risk. GITI owns about...
Companies mentioned in this report are: PT Gajah Tunggal Tbk.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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