...- PT Kawasan Industri Jababeka Tbk. (Jababeka) has completed an exchange offer and extended its key maturity to 2027 from 2023. - We expect Jababeka's free operating cash flow generation to remain thin over the next 12 months. The loan amortization and cash reserve account requirements will erode the cash position of the Indonesian property developer in the absence of favorable operating conditions. - On Dec. 15, 2022, S&P Global Ratings raised its long-term issuer credit rating on Jababeka to '###+' from '##', and the long-term issue rating on the company's guaranteed 2023 notes to '###+' from 'D'. We also assigned our '###+' long-term issue rating to the company's new 2027 notes. - The stable outlook reflects our view that Jababeka has sufficient liquidity over the next 12-18 months, despite an erosion of its cash balance....
