Moody's lifts Pakuwon Jati

Moody's Investors Service said it upgraded to Caa1 from Ca the senior secured rating for the senior secured notes due November 2011 issued by Pakuwon Jati Finance BV and guaranteed by PT Pakuwon Jati Tbk and its subsidiary, PT Artisan Wahyu. Moody's also said it affirmed its corporate family rating at Caa1.

The outlook remains negative.

The upgrade follow Pakuwon's completion of the exchange offer and consent solicitation for the 2011 notes, the agency said.

The upgrade also reflects the recovery prospect of the holders of the 2011 notes after the successful completion of the exchange offer, Moody's said.

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