Pakuwon Jati has maintained a conservative balance sheet with moderate debt, ample cash balance, and steady cash flows over the past two years. We expect the Indonesia-based real estate development and investment company to keep prudent financial policies as it expands over the next 24 months. We are raising our long-term corporate credit rating on Pakuwon Jati to 'BB-' from 'B+' and our long-term issue rating on the company's guaranteed senior unsecured notes to 'BB-' from 'B+'. At the same time, we are raising our ASEAN regional scale rating on the company to 'axBB+' from 'axBB'. The stable outlook reflects our expectation that Pakuwon Jati will conservatively manage its growth, and that project execution will remain satisfactory and support stable
