Indonesia-based industrial estate developer KIJA has a "weak" business risk profile and an "aggressive" financial risk profile. The company's volatile cash flows and large capital expenditure are tempered by the strong demand and prices for industrial land. We are assigning our 'B+' long-term corporate credit rating and 'axBB' ASEAN scale rating to KIJA. We are also assigning our 'B+' issue rating to the company's proposed guaranteed senior unsecured notes. The stable outlook reflects our expectation of healthy sales and a timely commissioning of KIJA's power plant. On July 10, 2012, Standard&Poor's Ratings Services assigned its 'B+' long-term corporate credit rating and 'axBB' ASEAN scale rating to Indonesia-based industrial estate developer PT Kawasan Industri Jababeka Tbk. (KIJA). The outlook
