Fitch assigns Pakuwon notes BB

Fitch Ratings said it assigned PT Pakuwon Jati Tbk.'s proposed senior unsecured notes a BB rating. Certain subsidiaries will guarantee the notes.

The notes carry the same rating as Pakuwon’s issuer default rating because they will constitute its direct, unsecured and unsubordinated obligations, Fitch said.

Pakuwon plans to use the proceeds to refinance $250 million in notes due February 2024 and for general corporate purposes.

The outlook is stable.

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