Fitch rates Pakuwon notes BB-

Fitch Ratings said it assigned PT Pakuwon Jati Tbk.'s (BB-/stable) proposed dollar-denominated senior unsecured notes an expected rating of BB-(EXP).

The notes will be issued by Pakuwon's wholly owned subsidiary Pakuwon Prima Pte. Ltd., and guaranteed by Pakuwon and certain subsidiaries.

Pakuwon intends to use the net proceeds of to redeem its existing $200 million 7 1/8% senior unsecured notes, which are due in 2019.

Fitch said it expects Pakuwon's financial profile to remain within the parameters of its BB- long-term issuer default rating as the new notes will be used mainly for refinancing and to extend the maturity profile of the company's debt, allowing more flexibility to manage cash flows.

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