Fitch lifts Pakuwon Jati

Fitch Ratings said it upgraded PT Pakuwon Jati Tbk's long-term foreign- and local-currency issuer default ratings to CCC from RD, national long-term rating to B(idn) from D(idn), dollar-denominated senior notes due 2011 to CCC/RR4 from C/RR4 and senior bond I, outstanding Rp38.5 billion, due 2011 to B(idn) from C(idn).

The outlook is stable.

The upgrade reflects the improvement of Pakuwon's liquidity profile after the completion of the exchange offer for the 2011 notes with 76.14% of the noteholders validly accepting the offer, Fitch said.

The ratings continue to be constrained by the company's exposure to the completion risks of its Gandaria project, the agency said.

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