Moody’s downgrades Sritex on refi risk

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By Pan Yue
23 Mar 2021

Moody’s downgraded Indonesian textile manufacturer Sri Rejeki Isman (Sritex) by two notches on Monday, as the company faces rising refinancing pressure.

The ratings agency downgraded Sritex to B3 from B1, noting that it is battling weak liquidity and increased refinancing risk due to a delay in its loan extension exercises.

GlobalCapital Asiareported in December 2020 that Sritex had sent out requests to extend the maturity of ...

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