Fitch lifts Ciputra Residence

Fitch Ratings said it upgraded PT Ciputra Residence's national long-term rating and senior unsecured rating to A+(idn) from A-(idn).

The outlook is stable.

The agency also said it upgraded the national rating on the company's Rp 300 billion outstanding bonds that have a 20% partial credit guarantee from the International Finance Corp. to AA-(idn) from A(idn).

The upgrades follow a reassessment of the linkage between Ciputra Residence and its 99.99% shareholder, PT Ciputra Development Tbk., due to a change of rating approach, Fitch explained.

The agency said it now assesses Ciputra Development and its subsidiaries as a single economic entity because it believes the legal and operational linkages between the entities are strong.

Fitch also said it bases Ciputra Residence's rating on Ciputra Development's consolidated profile.

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