SINGAPORE (Standard&Poor's) July 26, 2012--Standard&Poor's Ratings Services said today that its ratings on PT Kawasan Industri Jababeka Tbk. (KIJA) (B+/Stable/--; axBB) and US$175 million senior unsecured notes are not affected by revisions in the bond covenants in the offering documentation. We believe the revisions are more restrictive, compared with the previous terms, and that's in favor of bondholders. These revisions will not change our assessment of the "aggressive" financial risk profile of KIJA. The revisions to the bond covenants include: (1) amortization of the bond from the third anniversary at 5% semiannually until the bond is fully paid off; (2) an additional incurrence test to the fixed charge ratio of 3x, consolidated debt-to-EBITDA ratio of less
