Moody's rates Modernland notes B2

Moody's Investors Service said it assigned a provisional B2 corporate family rating to PT Modernland Realty Tbk.

Moody's also assigned a provisional B2 senior unsecured bond rating to the proposed senior unsecured notes to be issued by Modernland Overseas Pte Ltd. - an entity wholly owned by Modernland - and guaranteed by Modernland and its subsidiaries.

The outlook is stable.

The provisional B2 ratings reflect the transition in Modernland's business profile to encompass the development of industrial towns and residential townships, where its track record to date has been limited.

Although exposure to price and market risks remain, Modernland's projects have relatively low development risk, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.