Fitch Ratings has assigned Indonesia-based PT Kawasan Industri Jababeka Tbk's (Jababeka, B+/Stable) proposed US dollar-denominated senior unsecured notes due in 2023 an expected rating of 'B+(EXP)', with a Recovery Rating of 'RR4'. The notes will be issued by developer's wholly owned subsidiary, Jababeka International B.V., and guaranteed by Jababeka and certain subsidiaries.
The notes are rated at the same level as Jababeka's senior unsecured rating as they represent unconditional, unsecured and unsubordinated obligations of the company. The final rating on the notes is contingent upon the receipt of final documents conforming to information already received.
The proposed notes will be part of the same series as the existing USD189 million 6.5% senior unsecured notes due in 2023, which are also rated 'B+' with Recovery Rating of 'RR4'. Fitch believes Jababeka's financial profile will remain unchanged and consistent with its ratings, as the new notes will be used mainly to refinance its outstanding USD91 million 7.5% senior unsecured notes, which are due in 2019, and to extend the maturity profile of the company's debt, allowing it more flexibility to manage cash flows. (end)
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