Fitch affirms Modernland

Fitch Ratings said it affirmed PT Modernland Realty Tbk.'s long-term issuer default rating at B.

The outlook is stable.

Fitch said the affirmation ratings reflects its view that the company's business and financial risk profiles are largely intact, despite the still-weak demand for properties in Indonesia.

The agency believes Modernland's ratings are supported by the quality of its assets and established domestic franchise.

In Fitch's view, the company has successfully managed its liquidity through its strategy of selling land in bulk, which reinforces its track record during challenging conditions, the agency said in a news release.

© 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.