...March 7, 2021 SINGAPORE (S&P Global Ratings) March 8, 2021--S&P Global Ratings today assigned its '##-' long-term issue rating to a proposed issuance of U.S. dollar-denominated senior unsecured notes by PT Japfa Comfeed Indonesia Tbk. (##-/Stable/--). The proposed issuance will extend PT Japfa's debt maturity profile. The company intends to use most of the proceeds to refinance its existing US$250 million notes due in March 2022. The balance will be used for capital expenditure, working capital, and general corporate purposes. The rating on PT Japfa reflects its status as a core subsidiary of Singapore-based Japfa Ltd. We link PT Japfa's creditworthiness to that of its parent, whose group credit profile we assess at '##-'. Hence the rating on PT Japfa is one notch above its 'b+' stand-alone credit profile (SACP). We believe Japfa Ltd. will be willing and able to provide extraordinary financial support to PT Japfa if needed. This is because PT Japfa is a critical part of Japfa Ltd.'s long-term...
