Fitch affirms Modernland Realty

Fitch Ratings said it affirmed PT Modernland Realty Tbk.'s long-term issuer default rating at B with a stable outlook.

The agency also affirmed the outstanding unsecured dollar notes' rating at B with a recovery rating of RR4.

The notes were issued by Modernland Overseas Pte Ltd. and JGC Ventures Pte. Ltd.

Fitch said sales from two of the company’s projects typically generate high EBITDA margins and require limited committed construction costs as they are mostly low-rise residential buildings or industrial land.

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