Jakarta - Fitch Ratings has downgraded the ratings of PT Agung Podomoro Land Tbk (APLN) and its US$300 million senior bonds from CCC+ to CCC, with a fixed recovery rating of RR4.

"The rating downgrade is because Fitch believes that the company's liquidity has the potential to be unable to cover debt payments that are more than 6 months ahead," said APLN Corporate Secretary F Justini Omas in the IDX information disclosure on Wednesday (18/8).

These senior bonds are guaranteed by corporate guarantees from APLN and several subsidiaries, listed and traded on the Singapore Stock Exchange.

In its report, Fitch believes that APLN can handle its debt problems this year by using internal cash funding, but it will disrupt the company's liquidity.

APLN has credit facilities for construction projects worth Rp700 billion, and Rp600 billion is still unused.

Fitch assumes that APLN will use Rp350 billion of the facility for 2021 n