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Fitch rates Modernland notes B
Fitch Ratings said it assigned an expected rating of B with recovery rating of RR4 to PT Modernland Realty Tbk.'s proposed dollar-denominated 9¾% senior unsecured notes due in 2019.
The notes will be issued by Modernland's wholly owned subsidiary Marquee Land Pte Ltd. and guaranteed by Modernland and certain subsidiaries, Fitch said.
The notes are rated at the same level as Modernland's senior unsecured rating as they represent unconditional, unsecured and unsubordinated obligations of the company, the agency said.
The proposed notes will be part of the same series as the existing $191 million 9¾% senior unsecured notes due in 2019, which are also rated B.
The proceeds will be used to refinance its outstanding $57 million 11% senior unsecured notes, which are due Oct. 25, 2016, the agency said.
The negative outlook reflects the risk that the company could breach a number of its local-currency debt covenants in 2017 as EBITDA could remain weak unless presales improve in the next six to 12 months, Fitch said.
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