...SINGAPORE (S&P Global Ratings) Nov. 8, 2017--S&P Global Ratings said today that its ratings and outlook on Indonesia-based property developer PT Kawasan Industri Jababeka Tbk. (KIJA; B+/Negative/--) are not affected by the company's proposed issuance of US$111 million in senior unsecured notes. The issuance will be a retap of the company's existing US$189 million 6.5% senior notes due 2023. KIJA will use the proceeds from the transaction to refinance existing US$91.5 million 7.5% senior unsecured notes due 2019 and a US$14.4 million bank loan from Standard Chartered. We believe this transaction does not materially change the company's leverage ratios, given the limited premiums and transaction costs. In our opinion, this refinancing removes near-term liquidity pressure. The 'B+' rating on KIJA reflects the company's relatively high project concentration and cyclical earnings from property development. However, the company's well-known brand name in industrial estate development in eastern...
