Fitch affirms Ciputra

Fitch Ratings said it affirmed PT Ciputra Development Tbk.'s long-term issuer default rating at BB- with a stable outlook.

At the same time, the agency affirmed PT Ciputra Residence's national long-term rating at A+(idn).

“CTRA and its subsidiaries have strong intra-group legal and operational linkages that stem from cross default clauses within the group's debt, comfortable access to cash within the group and common shareholders and board members among the group companies, which indicate strong operational linkages,” Fitch said in a news release.

“There are also risks to the overall reputation of the group from the use of the Ciputra brand.”

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