On May 18, 2007, Standard&Poor's Ratings Services assigned its 'B-' long-term corporate credit rating on PT Pakuwon Jati Tbk. (Pakuwon), a property developer of multipurpose projects in Indonesia. The outlook is stable. At the same time, Standard&Poor's assigned its 'B-' issue rating to the five-year US$110 million senior secured notes due 2011 issued by Pakuwon Jati Finance B.V., a limited liability private company incorporated under the laws of the Netherlands, wholly owned by Pakuwon and established solely for issuing debt securities. Approximately US$27 million of the proceeds will be used to refinance Pakuwon's existing debt and US$80 million have been used to capitalize PT Artisan Wahyu (AW), a related entity consolidated into Pakuwon and a guarantor
