Moody's gives Chandra Asri B2

Moody's Investors Service said it has assigned a provisional B2 corporate family rating to PT Chandra Asri.

At the same time, Moody's said it has assigned a provisional B2 senior secured bond rating to the proposed senior secured notes issued by Altus Capital Pte. Ltd., an entity wholly owned and guaranteed by Chandra Asri and its subsidiaries.

The outlook on both is stable.

This is the first time that Moody's has assigned ratings to Chandra Asri or to Altus Capital.

The agency added that $157 million of the proceeds from the bond issuance will be used to refinance outstanding debt under an existing bank facility, while the remainder will be used to repay an existing subordinated loan from Strategic Investment Holdings Ltd, a previous shareholder of Chandra Asri.

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