Moody’s moves Pakuwon to positive

Moody’s Investors Service said it changed its outlook for PT Pakuwon Jati, Tbk. to positive from stable and affirmed the Ba2 rating on its 2028 bond.

"The outlook revision to positive from stable reflects Pakuwon Jati's strong credit metrics and its very good liquidity, which are supported by its strong recurring income generation, large cash balance and net cash position," said Rachel Chua, a Moody's vice president and senior analyst, in a press release.

The agency said it expects Pakuwon Jati’s debt/recurring EBITDA to improve to 3x-3.5x during the next 12 to 18 months.

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