PT Japfa raised US$150 million in notes maturing in 2022, with proceeds to be put toward refinancing US$200 million outstanding notes maturing in 2018. The transaction will lengthen the company's debt maturity profile, amid manageable debt levels and positive discretionary cash flows over the next two years. We are raising our long-term corporate credit rating on PT Japfa to 'BB-' from 'B+', and ASEAN regional scale rating to 'axBB+' from 'axBB'. At the same time, we are raising the issue rating on PT Japfa's guaranteed senior debts to 'BB-' from 'B+'. We have resolved the CreditWatch with positive implications at the company; the current outlook is stable. We are also affirming our 'BB-' long-term foreign currency issue rating on PT
