Moody’s upgrades Pakuwon Jati to Ba2

Moody's Investors Service said it upgraded PT Pakuwon Jati Tbk.'s corporate family rating to Ba2 from Ba3.

At the same time, the agency upgraded Pakuwon Prima Pte. Ltd.'s backed senior unsecured rating to Ba2 from Ba3. Pakuwon Prima is a wholly owned and guaranteed subsidiary of Pakuwon Jati.

The outlook is stable.

"The upgrade reflects Pakuwon Jati's continued growth in scale and maintenance of a strong financial and liquidity profile, supported by a well-balanced income stream from its portfolio of development and investment properties," Moody's vice president and senior analyst Jacintha Poh said in a news release.

"Its high-quality investment properties portfolio comprising mostly retail malls provides a stable and recurring income, mitigating the volatility in cash flow from its cyclical property development business," Poh, who is also the lead analyst for Pakuwon Jati, added in the release.

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