Fitch rates Pakuwon Jati notes B

Fitch Ratings said it assigned a final rating of B with a recovery rating of RR4 to the $110 million guaranteed secured notes due 2011 issued by Pakuwon Jati Finance BV and guaranteed by PT Pakuwon Jati Tbk., which has a long-term foreign- and local-currency issuer default rating of B with a stable outlook.

Indonesia-based Pakuwon has a presence in commercial property investment and development and residential property development, primarily in Surabaya, but plans to expand to Jakarta in the future, Fitch said.

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