Jababeka's leverage is likely to maintain elevated because we believe the company will prioritize expansionary capital expenditure over debt repayment. We expect Jababeka's EBITDA interest coverage to decrease to 1.5x-1.6x in the coming two years, compared with 1.8x at the end of 2017. This compares with our downgrade trigger of less than 1.5x. It has long-dated debt and limited short-term debt maturities. Jababeka also has the flexibility to scale down spending on land acquisitions if it faces cash stress. We expect the company's property sales to be lackluster over the next 12 months as a result of dull nationwide property sales. Jababeka's property business is likely to contribute 60%-65% of total EBITDA over the next 12-24 months. The stable outlook
