Fitch Ratings Downgrades Bakrie Telecom's Rating to Restricted Default
After already having warned in April 2013 that Indonesian telecommunications operator Bakrie Telecom is likely to default on its debt and is in need to restructure its USD $380 million senior unsecured bonds due in May 2015, Fitch Ratings downgraded the company's long term foreign- and local currency issuer default rating to Restricted Default (RD) from C (highly vulnerable) on Friday (30/05). Bakrie Telecom (BTEL) is a subsidiary of the controversial and politically-linked Bakrie & Brothers holding company.