...April 19, 2021 SINGAPORE (S&P Global Ratings) April 20, 2021--S&P Global Ratings today assigned its '##' long-term issue rating to PT Pakuwon Jati Tbk.'s (##/Stable/--) proposed senior unsecured notes. The proposed issuance will not materially increase the Indonesia-based property developer's debt. The company will use the issuance proceeds to refinance its US$250 million notes ahead of their 2024 maturity and for general corporate purposes. If the issuance is successful, the company will have no major debt maturing over the next five years. In our view, Pakuwon has sufficient financial cushion to support its gradual operational recovery over the next two years. The company has maintained sound liquidity buffer even after acquiring three commercial assets in November 2020. It has ample cash balance of Indonesian rupiah (IDR) 2.9 trillion as of Dec. 31, 2020, and limited debt maturities over the next two years. In our view, these factors allow Pakuwon to focus on ensuring a solid and sustainable...
