Moody's affirms Ciliandra Perkasa

Moody's Investors Service said it affirmed the B2 corporate family rating of PT Ciliandra Perkasa, along with the B2 rating of the $160 million five-year secured bonds issued by Ciliandra Perkasa Finance Co Pte Ltd. and guaranteed by PT Ciliandra Perkasa.

The outlook remains stable.

This affirmation follows Ciliandra's decision to acquire from its shareholder a 99.9% interest in PT Surya Dumai Agrindo, which owns a 45,000-ha land bank available for development as an oil palm plantation, at a consideration of Rs.6.2 billion and its plan to issue Rs.500 billion in domestic bonds.

The acquisition will strength Ciliandra's upstream capacity and benefit its earnings, given favorable crude palm oil prices, Moody's said.

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