Fitch: Pakuwon Jati notes B+

Fitch Ratings said it assigned an expected B+ rating to PT Pakuwon Jati Tbk.’s proposed dollar-denominated notes due in 2019 with a recovery rating of RR4.

The agency also said it published Pakuwon’s foreign-currency long-term issuer default rating and foreign-currency senior unsecured rating at B+.

The outlook is stable.

The new notes will be issued by Pakuwon Prima Pte Ltd. and guaranteed by Pakuwon and some of its subsidiaries, Fitch said.

The ratings are supported by the company’s investment property portfolio, which includes retail, residential, commercial and hospitality developments, the agency said.

The ratings also reflect its solid investment properties, which contributed 48% of total revenue in 2013, Fitch said.

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