Moody’s rates Modernland bonds B2

Moody's Investors Service said it affirmed the B2 corporate family rating of Modernland Realty Tbk. and affirmed the B2 senior unsecured rating of the 2019 bonds issued by wholly owned subsidiary Marquee Land Pte. Ltd.

The bonds are guaranteed by Modernland.

At the same time, the agency assigned a senior unsecured bond rating of B2 to the proposed senior unsecured bonds to be issued by wholly owned subsidiary Modernland Overseas Pte. Ltd. The proposed bonds are unconditionally and irrevocably guaranteed by Modernland and rank pari passu with the 2019 bonds.

The outlook is stable.

Modernland will use the majority of the net proceeds toward the partial redemption of the $248 million 2019 senior unsecured notes issued by Marquee Land.

"The ratings affirmation reflects Modernland's healthy financial and liquidity profile – despite a challenging operating environment in 2016 – supported by its ability to successfully execute its joint venture agreement with Astra Land Indonesia," Moody's vice president and senior analyst Jacintha Poh said in a news release.

© 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.