Indonesian real estate developer KIJA's property sales have picked up strongly since April 2016. We expect the more robust sales momentum to partly offset higher debt from KIJA's proposed refinancing and its debt-to-EBITDA ratio to fall below 3.5x in 2017. We are affirming our 'B+' long-term corporate credit rating on KIJA, our 'B+' issue rating on the company's senior unsecured outstanding notes, and our 'axBB' ASEAN regional scale rating. We are also assigning our 'B+' issue rating to the company's proposed US$200 million senior unsecured notes maturing in 2023. The stable outlook reflects our expectation that KIJA's debt-to-EBITDA ratio will fall below 3.5x in 2017 amid improving marketing sales, steady margins, and stabilized debt levels. On Sept. 13, 2016, S&P
