Indonesia-based property developer Pakuwon has untested financial discipline, execution risks stemming from rapid expansion, and concentration risk due to a small number of projects. The company benefits from its established track record in superblock development and significant recurring rental revenue from investment properties. We are assigning our 'B+' long-term corporate credit rating and 'axBB' long-term ASEAN regional scale rating to Pakuwon. We are also assigning our 'B+' long-term issue rating to the proposed senior unsecured notes that the company guarantees. The stable outlook reflects our expectation that Pakuwon's sales will remain healthy and recurring rental income will continue to rise over the next 12 months. SINGAPORE (Standard&Poor's) June 19, 2014--Standard&Poor's Ratings Services said today that it
