PT Japfa intends to issue U.S. dollar notes due 2022 as part of the refinancing for its U.S. dollar notes maturing 2018. The proposed refinancing would lengthen the debt maturity profile at the Indonesia-based integrated feed and poultry producer, amid manageable debt levels and likely positive discretionary cash flows over the next two years. We are placing our 'B+' long-term corporate credit rating and 'axBB' ASEAN regional scale rating on PT Japfa, and the 'B+' issue rating on the company's guaranteed senior debts on CreditWatch with positive implications. We are also assigning our preliminary 'BB-' long-term foreign currency corporate credit rating to PT Japfa's proposed U.S. dollar bond. On March 20, 2017, S&P Global Ratings placed its 'B+' long-term corporate
