INDONESIA

摘要

Fitch on August 7 downgraded ACUNC PODOMORO LAND (APLN) to C from CCC- after a subsidiary of the Indonesian property company agreed to restructure its rupiah bonds. The ratings agency has kept APLN's US$300m bonds due June 2 2024 at CCC-but placed them on Rating Watch Negative. APLN announced that SINAR MENARA DELI, in which it holds a 58% stake, had agreed with bondholders to change the key terms of Rp350bn (US$24m) of bonds that were due to be redeemed on August 26. The maturity date of SMD's bonds will be changed to August 22 2021 and the coupon increased to 11.61% from 11.00%, following the signing of an indicative term sheet. Fitch considers the changes to the onshore bonds to constitute a distressed debt exchange.