Moody’s gives Modernland Realty notes B2

Moody's Investors Service said it assigned a backed senior unsecured rating of B2 to the proposed senior unsecured notes to be issued by JGC Ventures Pte. Ltd. and guaranteed by Modernland Realty Tbk PT (B2 stable).

The notes will rank pari passu with the 2019 notes and 2024 notes.

The outlook is stable.

Modernland will use the net proceeds from the proposed issuance towards redemption of its 2019 notes, existing bank loans, capital spending and other working capital purposes.

"The proposed notes are not exposed to either legal or structural subordination risk. Hence the rating is in line with Modernland's B2 corporate family rating," Jacintha Poh, Moody's vice president and senior analyst, said in a news release.

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