Moody's rates Agung Podomoro bonds Ba3

Moody's Investors Service said it assigned a first-time Ba3 corporate family rating to Agung Podomoro Land Tbk.

The agency also said it has assigned a Ba3 rating to the proposed dollar-denominated bonds to be issued by APL Realty Holdings Pte. Ltd., a wholly owned subsidiary of Agung Podomoro.

The proposed bonds are unconditionally and irrevocably guaranteed by Agung Podomoro and certain of its subsidiaries, Moody's said.

The outlook is stable.

Agung Podomoro will use about $155 million of the net bond proceeds for debt repayment and general corporate purposes, the agency said.

The ratings reflect the company's established market position as a developer of mixed-use projects in Jakarta, Moody's said.

The company is well-diversified across multiple projects and property segments, the agency said, and successfully caters to customers across the price spectrum.

The company also has presences in second-tier Indonesian cities and locations, such as Bali, Batam, Bogor, Karawang, Bandung and Balikpapan, Moody's added.

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