PEFINDO has lowered the rating of PT Kapuas Prima Coal Tbk
Saturday, December 23 2023 - 08:10 AM WIB
(December 22, 2023)--PEFINDO has lowered the rating of PT Kapuas Prima Coal Tbk (ZINC) and its Bond I/2018 to idCCC from idBBB. Outlook for the corporate rating is revised to “CreditWatch with negative implication”. The rating actions follow ZINC’s inability in repaying its maturing bond principal of IDR23.0 billion due on December 21, 2023. ZINC is currently in the process to obtain approval to extend the remedial period for the matured bond settlement.
The Company’s failure in resolving the matured bonds before the end of remedial period will result in further rating downgrade. PEFINDO may revisit ZINC's rating if the Company successfully resolves its bond restructuring process.
Established in 2005, ZINC engaged in exploration and production activities for industrial metals, including zinc (Zn), lead (Pb), silver (Ag), and iron ore (Fe). The Company currently operates three block of underground pits named Gossan, Karim, and Ruwai in Lamandau, Central Kalimantan. Publicly listed 2017, its shareholders as of September 30, 2023 were Sim Anthony (14.42%), Kioe Nata (12.33%), Budimulio Utomo (10.15%), PT Sarana Inti Selaras (9.78%), Haroen Soedjatmiko (9.57%), Wiliam (9.16%), and the public (34.59%). (ends)