Moody’s gives Ba3 to Pakuwon Prima notes

Moody's Investors Service said it assigned a senior unsecured bond rating of Ba3 to the proposed senior unsecured notes to be issued by Pakuwon Prima Pte. Ltd., a wholly owned subsidiary of PT Pakuwon Jati, Tbk. (Ba3 stable).

The notes are unconditionally and irrevocably guaranteed by Pakuwon Jati.

The outlook is stable.

Pakuwon Jati will use the net proceeds to redeem in full the $200 million 2019 senior unsecured notes issued by Pakuwon Prima and for general corporate purposes.

"Pakuwon Jati's refinancing exercise is credit positive as the company's weighted average debt maturity will be extended," Moody's vice president and senior analyst Jacintha Poh said in a news release.

"We expect the company to continue to manage its exposure to foreign exchange-rate risk by hedging the principal portion of the proposed U.S. dollar notes."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.