Moody’s affirms Modernland Realty

Moody's Investors Service said it affirmed the B2 corporate family rating of Modernland Realty Tbk.

The agency also affirmed the B2 backed senior unsecured rating of the 2019 notes issued by Marquee Land Pte. Ltd. and the 2024 notes issued by Modernland Overseas Pte. Ltd.

The outlook is stable.

"The affirmation of Modernland's B2 rating reflects (1) the company's ability to execute one-off land sales to its joint ventures, which supported its marketing sales in 1H 2018; and (2) our expectation that its core marketing sales will improve to around Rp 2 trillion in 2018," Jacintha Poh, Moody's vice president and senior analyst, said in a news release.

"While the one-off land sales have created volatility in Modernland's revenue and cash flows, its joint ventures with reputable partners mitigate development and funding risk while supporting the company's growth."

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