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Fitch gives Ciputra Development notes B+
Fitch Ratings said it gave PT Ciputra Development Tbk.’s planned unsecured medium-term notes a B+ rating with an RR4 recovery rating. Fitch’s issuer default rating for Ciputra Development is B+.
The proceeds will primarily be used to refinance its S$150 million unsecured notes due September 2021, with the rest for other debt refinancing, acquisitions, working capital and general corporate purposes.
The outlook is stable.
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