Japfa reported much better profitability and cash flows than we expected in the quarter ended Sept. 30, 2015. The company still has sizable short-term debt and continues to face lumpy debt maturities over the next 24 months. Pricing across the poultry value chain is also less predictable and margin visibility remains limited. We are affirming our 'B' long-term corporate credit rating on Japfa and our 'B' long-term issue rating on the company's guaranteed senior notes. We are also affirming our 'axB+' long-term ASEAN regional scale rating on the Indonesia-based integrated poultry producer. The negative outlook reflects Japfa's still unfavorable debt maturity profile and refinancing risk associated with sizable maturities over the next 24 months. It also reflects the prospect that
