Pan Brothers hit with downgrade on looming loan refi pressure

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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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