PT Japfa Comfeed Indonesia Tbk. Outlook Revised To Stable On Refinancing Initiatives, 'B' Rating Affirmed

PT Japfa is proactively addressing its 2017 Indonesian rupiah bond maturities. This, along with recent equity proceeds, will improve the company's near-term liquidity and reduce refinancing risk, in our view. Operating conditions in the domestic poultry sector in Indonesia also appear to be slowly improving. We are revising our rating outlook on the Indonesia-based poultry feed and commercial farming company to stable from negative. We are affirming our 'B' long-term corporate credit rating on PT Japfa and our 'B' long-term issue rating on the company's guaranteed senior unsecured notes. In line with the outlook revision, we are also raising our long-term ASEAN regional scale rating on the company to 'axBB-' from 'axB+'. The stable outlook reflects PT Japfa's reduced refinancing

...+ PT Japfa is proactively addressing its 2017 Indonesian rupiah bond maturities. This, along with recent equity proceeds, will improve the company's near-term liquidity and reduce refinancing risk, in our view. + Operating conditions in the domestic poultry sector in Indonesia also appear to be slowly improving. + We are revising our rating outlook on the Indonesia-based poultry feed and commercial farming company to stable from negative. + We are affirming our 'B' long-term corporate credit rating on PT Japfa and our 'B' long-term issue rating on the company's guaranteed senior unsecured notes. In line with the outlook revision, we are also raising our long-term ASEAN regional scale rating on the company to 'axBB-' from 'axB+'. + The stable outlook reflects PT Japfa's reduced refinancing risk for its 2017 debt maturities, and the prospect of the company's FFO interest coverage staying above 3.0x over the next 12 months amid more favorable operating conditions. SINGAPORE (S&P Global Ratings)...

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