Moody’s rates Intiland, bonds B2

Moody's Investors Service said it assigned a B2 corporate family rating to Intiland Development Tbk. (PT).

At the same time, the agency assigned a B2 senior unsecured rating to the company's proposed dollar-denominated bond issuance.

The proposed bonds are unconditionally and irrevocably guaranteed by Intiland's major operating subsidiaries.

The outlook is stable.

The bond proceeds will be used mainly for the refinancing of existing short-term borrowings and general corporate purposes.

"Intiland's B2 corporate family rating reflects its established market position and ownership of a diversified asset portfolio, comprising high-rise apartments, houses, commercial properties and industrial estates, all of which are well located across Jakarta, Greater Jakarta, Surabaya and Greater Surabaya," Jacintha Poh, Moody's vice president and senior analyst, said in a news release.

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