Jakarta - Pefindo has affirmed its 'BBB-' rating for PT Waskita Beton Precast Tbk (WSBP) and its 2019 Sustainable Bond I of Rp2 trillion.

The outlook for the rating is maintained at negative to anticipate WSBP's financial profile is classified as very weak amid the current very challenging business conditions. This condition is subject to additional pressure if WSBP is unable to carry out a mitigation plan.

This prospect can be indicated by the cancellation or prolonged delay of WSBP's efforts to reach debt restructuring agreements with creditors and suppliers or if efforts to divest assets as planned experience significant obstacles. WSBP is unable to find alternative sources of replacement cash flows.

The company ranking reflects the good synergy between WSBP and PT Waskita Karya Tbk (WSKT) and a fairly well-established business position in the national precast industry.

The ratings are constrained by its very high leverage a