Bulletin: PT Kawasan Industri Jababeka Tbk. Ratings Unaffected By Retap Of US$ Senior Unsecured Notes

SINGAPORE (Standard&Poor's) April 28, 2015--Standard&Poor's Ratings Services said today that its ratings on PT Kawasan Industri Jababeka Tbk. (KIJA: B+/Stable/--; axBB/--) and the company's U.S.-dollar-denominated senior unsecured notes are unaffected by a proposed retap. We do not expect this transaction to significantly increase KIJA's debt. We estimate that the company's debt-to-EBITDA ratio will be 2.5x-3.0x in 2015-2017, below our downgrade trigger of 3.5x. We expect KIJA's EBITDA margins to remain slightly higher than our expectations over the next 12 months. The company's financial performance in 2014 was in line with our expectation. KIJA's property sales were healthy and were augmented by stable income from the power plant, infrastructure services, and dry port operations. KIJA's total debt

...SINGAPORE (Standard & Poor's) April 28, 2015--Standard & Poor's Ratings Services said today that its ratings on PT Kawasan Industri Jababeka Tbk. (KIJA: B+/Stable/--; axBB/--) and the company's U.S.-dollar-denominated senior unsecured notes are unaffected by a proposed retap. We do not expect this transaction to significantly increase KIJA's debt. We estimate that the company's debt-to-EBITDA ratio will be 2.5x-3.0x in 2015-2017, below our downgrade trigger of 3.5x. We expect KIJA's EBITDA margins to remain slightly higher than our expectations over the next 12 months. The company's financial performance in 2014 was in line with our expectation. KIJA's property sales were healthy and were augmented by stable income from the power plant, infrastructure services, and dry port operations. KIJA's total debt as of Dec. 31, 2014, is Indonesian rupiah (IDR) 2.86 trillion, slightly lower than our base-case projections. In addition, the company's U.S.-dollar-denominated EBITDA is likely to be more...

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