Fitch turns Ciputra view to positive

Fitch Ratings said it revised the outlook on PT Ciputra Development Tbk.'s (CTRA) to positive from stable and affirmed the issuer rating at B+. The agency also affirmed the long-term rating on CTRA's S$150 million of unsecured notes due Feb. 2, 2026, at B+ and its RR4 recovery rating.

“The positive outlook reflects our view that CTRA will sustain its attributable contracted sales, excluding minorities' share, at above Rp 5 trillion over the medium term. The company's contracted sales scale would then be comparable with that of higher-rated peers. This, combined with its low leverage, would support a rating upgrade in 12-18 months,” Fitch said in a press release.

The agency noted CTRA reported attributable contracted sales of Rp 5 trillion in 2021, which represented a 33% year-over-year rise and beat Fitch's estimate of Rp 4.5 trillion.

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