Moody’s Investor Service affirmed corporate family rating of publicly listed textile producers, PT Sri Rejeki Isman Tbk or Sritex (SRIL) rating at Ba3. Otherwise, the agency downgraded other producer, PT Pan Brothers Tbk (PBRX) to B2 from B1.
Moody’s also maintained the Ba3 ratings on the US$150 million senior unsecured notes due in 2024, issued by Golden Legacy Pte. Ltd. and unconditionally and irrevocably guaranteed by Sritex and its subsidiaries.
Its also kept the $225 million senior unsecured notes due in 2025, issued by Sritex and unconditionally and irrevocably guaranteed by all its operating subsidiaries at same level. Moody’s has also revised the outlook on these ratings to negative from stable.