Japfa's operations are concentrated in Indonesia's poultry industry and its debt-funded expansion is aggressive, in our view. The company's strong domestic market position, partial vertical integration, and positive industry prospects partly offset these weaknesses. We are assigning our 'BB-' long-term corporate credit rating and our 'axBB+' ASEAN regional scale rating to the Indonesia-based poultry feed and commercial farming company. We are also assigning our 'BB-' rating to an issue of up to US$200 million of unsecured notes that the company guarantees. The stable outlook reflects our expectation that the company will maintain its strong domestic market position over the next 12 months. On April 17, 2013, Standard&Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to PT
