Fitch lifts Pakuwon

Fitch Ratings said it upgraded PT Pakuwon Jati Tbk's long-term foreign and local Currency issuer default ratings to B from B- and its national long-term rating to BBB+(idn) from BBB-(idn).

The outlook is stable.

At the same time, Pakuwon's outstanding $13 million of senior secured notes due November 2011 has also been upgraded to B from B-. The recovery rating on the notes is RR4, Fitch noted.

The upgrade reflects Pakuwon's improving financial metrics following the successful sale of its latest mixed-use development project in Jakarta, Superblock Gandaria City.

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