Fitch Ratings has cut its assessment of Indonesian tanker owner Soechi Lines as leverage rose.
The agency said the long-term issuer default rating was downgraded to B from B+ with a stable outlook.
Its net leverage after the third quarter rose to five times from 4.6 times in 2017, Fitch said.
Persistent under-performance at its shipyard was the underlying reason for its relatively high debt profile, it added.
