Moody’s Investors Service has today confirmed Matahari Putra Prima’s (MPPA) corporate family rating (CFR) at B3. The rating action concludes Moody’s review for downgrade initiated on 5 April 2018. The rating outlook is negative. Moody’s will withdraw the rating for its own business reasons.
On 28 June 2018, MPPA obtained regulatory approval to conduct an Rp807 billion rights issue. The company expects to complete the rights issue before 1 August, with the proceeds used primarily to fund working capital. In an earlier press release issued on 5 April, MPPA stated that its largest shareholder, the Lippo Group, will serve as a standby buyer and underwriter for the entire rights issue.