S&P: Pakuwon Jati to positive

Standard & Poor’s said it revised the outlook on PT Pakuwon Jati Tbk. to positive from stable.

The agency also said it affirmed the company’s B+ long-term corporate credit rating and axBB Asean regional scale rating.

S&P also affirmed the B+ long-term issue rating on the senior unsecured notes that the company guarantees.

The outlook also was revised to positive, reflecting the company’s ability to maintain a prudent financial policy and moderate debt levels while executing its growth strategy, S&P said.

The company can sustain a ratio of debt-to-EBITDA of about 2x and EBITDA interest coverage of about 6x in the next 12 months if the company maintains its record of financial discipline that it has demonstrated since 2012, the agency said.

The ratings also reflect the company’s continued exposure to development properties, even as its investment portfolio is growing, S&P added.

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