Moody's gives Plaza Indonesia, bonds Ba2

Moody's Investors Service said it gave a corporate family rating of Ba2 to Plaza Indonesia Investama the special purpose company of Dana Investasi Real Estat (DIRE) Simas Plaza Indonesia, a real estate investment fund in Indonesia. The agency also assigned a senior unsecured rating of Ba2 to the bond to be issued by PII, which will be guaranteed by PII's subsidiary, PT Sarana Mitra Investama.

"PII's Ba2 corporate family rating reflects its portfolio of high-quality investment properties that are strategically located in Jakarta's central business district, and are diversified across multiple asset classes of retail, office and hotel. However, there is a lack of geographic diversification given three of the company's four properties are in a single location," said Jacintha Poh, a Moody's vice president and senior credit officer, in a press release.

PII plans to use net proceeds to refinance indebtedness and for general corporate purposes.

The outlook is stable, reflecting the expectation that PII's operating performance will gradually recover over 2021-23 and the company will refinance its $215 million syndicated loan maturing in June 2022.

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