We believe refinancing risks on PT Kawasan Industri Jababeka Tbk.'s (Jababeka) 2023 bond are increasing because the company's execution of its refinancing plan has been slower than we expected due to difficult market conditions. In our view, investor's concerns on rising interest rates, Indonesian rupiah depreciation, and rising defaults in the high-yield segment could delay refinancing efforts by the Indonesia-based property developer. On June 10, 2022, S&P Global Ratings placed its 'B-' long-term issuer credit and issue ratings on Jababeka on CreditWatch with negative implications. We aim to resolve the CreditWatch within the next two to three months once we have more visibility on Jababeka's progress in securing funds for refinancing its US$300 million bond. We placed our ratings on
