...SINGAPORE (S&P Global Ratings) June 12, 2017--S&P Global Ratings said today that its ratings on PT Japfa Comfeed Indonesia Tbk. (##-/Stable/--; axBB+/--) are unaffected by the company's proposed addition to its senior unsecured notes. Our '##-' long-term issue rating on the notes is also not affected. The issuance will be a tap of the existing US$150 million 5.5% senior unsecured notes due 2022 that PT Japfa issued in March 2017. We expect absolute reported debt to increase only marginally because PT Japfa will use the proceeds from the transaction to repay existing working capital loans, finance small capital expenditure (capex) projects, and fund general working capital. The credit impact of the retap is limited in terms of financial ratios, compared with our earlier forecast. We also expect the ratio of funds from operations (FFO) to debt to remain above 35% in 2017 and the FFO cash interest coverage to exceed 4.5x. These levels remain commensurate with our expectations for a '##-' rating,...
