Fitch gives PP Properti notes BBB+(idn)

Fitch Ratings said it assigned a national long-term rating of BBB+(idn) to PT PP Properti Tbk.'s (BBB+(idn)/negative) proposed Rp 534.5 billion unsecured bond due 2022 and Rp 120 billion unsecured medium-term notes due 2022.

“The issuances are rated at the same level as PPRO's national long-term rating because the notes represent its senior unsecured obligations,” the agency said in a news release.

“The company plans to use 46% of the combined issuance proceeds for debt refinancing, 28% for working capital purposes and the remaining 26% for land acquisition payments and other investments.”

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