Indonesia-based real estate developer KIJA's property sales in the first nine months of 2015 were lower than our expectation. We believe the company's interest-servicing capacity, liquidity, and cash flow ratios can accommodate likely lower property sales in 2016 and 2017. We are affirming our 'B+' long-term corporate credit rating and our 'axBB' ASEAN scale rating on KIJA. We are also affirming our 'B+' long-term issue rating on the outstanding senior unsecured notes that the company guarantees. The stable outlook reflects our expectation that KIJA will maintain its financial strength over the next 12-18 months despite lower property sales. On Nov. 16, 2015, Standard&Poor's Ratings Services affirmed its 'B+' long-term corporate credit rating on PT Kawasan Industri Jababeka Tbk.
