Fitch rates Pakuwon bond BBB-

Fitch Ratings said it assigned a national rating of BBB-(idn) to Pakuwon Jati's amortizing bond I of principal amount Rp93.46 billion at the end of 2006. Fitch also affirmed Pakuwon's long-term foreign-currency and local-currency issuer default ratings at B, national long-term rating at BBB-(idn) and senior unsecured rating at B with recovery rating of 4.

The outlook remains stable.

The ratings are constrained by the risks arising from the company's major greenfield project, Fitch said.

Some mitigants to these risks include Pakuwon's track record of having successfully completed a similar development, its ability to phase out the construction of other projects and its success as a developer and mall operator.

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