Moody's downgrades Alam Sutera

Moody's Investors Service said it downgraded the corporate family rating of Alam Sutera Realty Tbk. to B3 from B2.

Moody's also downgraded the backed senior unsecured rating of the 2021 notes and 2022 notes issued by Alam Synergy Pte. Ltd., a wholly owned subsidiary of Alam Sutera, to B3 from B2. The notes are guaranteed by Alam Sutera and most of its subsidiaries. The outlook remains negative.

The ratings downgrade to B3 reflects Moody's forecast that Alam Sutera's credit metrics and liquidity will weaken, because of a slowdown in its land sales to China Fortune Land Development Co., Ltd. and the refinancing risk on its $175 million of notes due April 2021 and $370 million of notes due April 2022.

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