Update: S&P joins chorus in declaring Jain Irrigation default

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By Addison Gong
14 Oct 2019

S&P Global Ratings has downgraded Jain Irrigation Systems to selective default, following a similar move by two domestic rating agencies last week.

S&P lowered its CCC rating on Jain to selective default on Tuesday. Jain has missed principal loan payments worth Rp3.75bn ($53m), according to the agency, and the delay in some cases is beyond 30 days. It believes the overdue amount, which is about 5% of Jain’s total reported ...

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