Pan Brothers hit with downgrade on looming loan refi pressure

By Pan Yue
11 Jan 2021

Indonesian garment company Pan Brothers has been downgraded by Fitch Ratings for the third time in the past three months as a result of refinancing pressure.

Fitch downgraded the company last Friday to CC from CCC-, citing imminent refinancing risk of a $138.5m loan due 27 January, as well as a $171m bond maturing in 2022.

Pan Brothers had previously been in talks with banks to put together a refinancing loan. Last October, the ...

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