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Fitch downgrades Greenwood Sejahtera amid heightened liquidity risk

Fitch Ratings downgraded the national long-term rating of PT Greenwood Sejahtera Tbk to BB-(idn) from BB(idn), citing heightened liquidity risk due to the company's inability to sell units at its two projects in Indonesia.

The rating agency also noted that its negative outlook for the Indonesian property developer reflects the likelihood of a further downgrade in the company's ratings if ever it fails to improve its liquidity in the short term.

Fitch expects Greenwood Sejahtera's EBITDA will remain at more than 1x interest expense in 2019 and 2020.