Moody's rates Central Proteinaprima notes B1

Moody's Investors Service said it assigned a first-time provisional B1 corporate family rating to PT Central Proteinaprima and a provisional B1 long-term foreign-currency rating to its proposed dollar-denominated guaranteed senior notes, along with a provisional A3.id national-scale issuer rating.

The outlook is stable.

The notes are unconditionally and irrevocably guaranteed by Central Proteinaprima and some of its existing subsidiaries. The proceeds will be used to refinance part of the company's existing debt and fund future capital expenditures.

The ratings reflect the company's well-established and integrated production facilities and its leading positions in the shrimp export market and Indonesia's shrimp/fish feed industry, Moody's said.

At the same time, while the equity-funded acquisition of the Dipasena Group from the Indonesian government allows the company to gain immediate access to-scale and cash flow, Moody's said, there is a certain level of execution risk.

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