Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Bumi Resources shares slide after S&P downgrade

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS INDONESIA-Bumi Resources shares slide after S&P downgrade Aug 14th 2012, 04:11 Tue Aug 14, 2012 12:11am EDT Shares in Indonesia's Bumi Resources, Asia's biggest thermal coal exporter, fell on Tuesday after S&P cut the company's rating on Monday. S&P lowered its rating on Bumi Resources to 'BB-' from 'BB' with a negative outlook, saying the company is unlikely to substantially lower its debt over the next 12 months. "We expect Bumi's operating cash flow to remain weak because of high production and financing costs and taxes, slower-than-anticipated production growth, and lower coal prices, thereby limiting the company's potential to reduce debt." S&P said in statement. "The negative outlook reflects our expectation that Bumi's financial performance is likely to be weak for the current rating over the next 12 months at least." At 1059 am. (0359 GMT) the stock was trading down 3.77 percent at 1,020 rupiah with 35.5 million shares traded, the third highest turnover on the Indonesian stock exchange. The Jakarta Composite Index was down 0.03 percent.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions