Jababeka's property sales in the first nine months of 2018 were below our expectation. We believe Jababeka's weaker liquidity, despite its lower property sales in 2018 and 2019, can meet its interest-servicing needs. We are affirming our 'B' long-term issuer credit rating on the Indonesia-based property developer and our 'B' issue rating on the company's guaranteed notes. The stable outlook reflects our view that Jababeka will maintain steady interest coverage and have sufficient liquidity over the next 12 months. On Nov. 12, 2018, S&P Global Ratings affirmed its 'B' long-term issuer credit rating on PT Kawasan Industri Jababeka Tbk. (Jababeka). The outlook is stable. At the same time, we affirmed our 'B' long-term issue rating on the company's guaranteed U.S.
