Moody’s Investors Service has downgraded corporate family rating (CFR) of three Indonesian companies followed the COVID-19 impacts. The agency cuts property developer PT Agung Podomoro Land Tbk (APLN) from B2 to B3, PT Alam Sutera Realty Tbk (ASRI) and tyre maker PT Gajah Tunggal Tbk (GJTL) from B3 to Caa1, respectively.