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Moody’s rates Pakuwon notes B1
Moody’s Investors Service said it affirmed the B1 corporate family rating of PT Pakuwon Jati Tbk.
Moody’s also said it assigned a provisional B1 senior unsecured rating to the proposed senior unsecured notes to be issued by Pakuwon Prima Pte Ltd. and guaranteed by Pakuwon Jati and some of its subsidiaries.
The outlook is stable.
Pakuwon Jati said it intends to raise up to $175 million for the repayment of outstanding loan amounts, acquisition transactions and working capital purposes, Moody’s said.
If the planned bond issuance is successful, Pakuwon Jati will extend its debt maturity profile to 2019, the agency said, and strengthen its ability to finance and execute its expansion strategy.
However, total debt and interest expenses will rise in the near term, negatively affecting its financial metrics in 2014, Moody’s added.
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