Suara.com – The Indonesian Securities Rating Agency (Pefindo) lowered the rating of PT Waskita Karya Tbk (WSKT) Sustainable Bonds III Phase IV to idD from idCCC for the period 30 November 2023 to 1 October 2024.
In Pefindo’s official statement, Monday (4/12/2023) that the idSD (Selective Default) rating indicates that the obligor has failed to pay one or more of its financial obligations that are due, whether for rated or unrated obligations, but still makes timely payments on other obligations
The new rating is based on WSKT’s disclosure of information dated 28 November 2023 regarding the results of the general meeting of bondholders (RUPO) held on 22-23 November 2023 which did not reach a quorum regarding the proposed restructuring of unsecured bonds.
“Considering that the Company does not pay bond coupons which are due on November 16 2023, we believe that WSKT will not fulfill this obligation until the 14 working day remedial period ends, as stipulated in the trustee agreement,” wrote Pefindo analysts, Yogie Perdana and Randhya Musa Practical.
Meanwhile, in the nine-month 2023 financial report, WSKT reported short-term liabilities of IDR 22.15 trillion. Of that amount, IDR 6.566 trillion is bond obligations.
On the other hand, the current assets of state-owned issuers are IDR 23.61 trillion, which includes cash and cash equivalents of IDR 1.513 trillion.
Apart from that, WSKT also recorded long-term liabilities of IDR 61.9 trillion, consisting of bond debt of IDR 4.1 trillion, BUMN and BUMD bank debt of IDR 27.872 trillion and private bank debt of IDR 18.5 trillion.
As a result, WSKT had to pay a financial burden of IDR 3.16 trillion.