Moody’s upgrades Pakuwon Jati

Moody’s Ratings said it upgraded its rating for PT Pakuwon Jati, Tbk.’s senior unsecured notes due 2028 to Ba1 from Ba2 and its corporate family rating to Ba1 from Ba2. The agency also revised the outlook to stable from positive.

"The upgrade of Pakuwon Jati's ratings reflects its consistently strong credit metrics and its robust recurring income generation from its portfolio of investment properties. It also considers the company's governance practices, reflective of its prudent financial policies and very good liquidity," said Rachel Chua, a Moody's vice president and senior analyst, in a press release.

Pakuwon Jati’s recurring EBITDA/interest coverage will stay above 7.5x and its debt/recurring EBITDA will probably improve to around 2.5x over the next two years, the agency said.

Moody's said it forecasts occupancy at Pakuwon Jati's retail malls to stay mostly stable in the mid-90% range over the next couple of years. Average occupancy at the retail malls in 2023 was at 94%.

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