Moody’s: Bumi Serpong Damai CFR, notes Ba3

Moody's Investors Service sad it assigned a corporate family rating of Ba3 to PT Bumi Serpong Damai Tbk.

The agency also assigned a provisional Ba3 senior unsecured bond rating to the proposed senior unsecured notes to be issued by Global Prime Capital Pte. Ltd., a wholly owned subsidiary of Bumi Serpong, and guaranteed by Bumi Serpong and some of its subsidiaries.

The outlook is stable.

Proceeds will be used to finance land acquisitions, current development projects and other related fees and expenses.

Moody’s said the Ba3 ratings reflect Bumi Serpong’s established position as one of the largest property developers in Indonesia with diversification across multiple projects and property segments.

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