Foreign Currency: BB-/Stable/-- Local Currency: BB-/Stable/-- ASEAN Regional Scale: axBB+/-- High product and geographic concentration Cash flows sensitive to volatile raw material prices and currency fluctuations Strong and sustainable position in the growing poultry-feed and breeding sectors in Indonesia Thin overall margins, but poultry-feed margins are stable Aggressive financial policies and capital spending Negative free operating cash flows and moderately increasing leverage over the next two years High reliance on short-term debt The stable outlook on PT Japfa Comfeed Indonesia Tbk. (Japfa) reflects our expectation that the company will maintain its strong competitive position in the poultry-feed and breeding sectors in Indonesia over the next 12 months at least. We could lower the rating if Japfa's financial risk profile weakens,
