Execution risk in Indonesia's small and concentrated market. Smaller land bank than that of peers. Good brand recognition. Substantial recurring income from leasing properties. High capital requirement for expansion. Volatile cash flows from property development. Track record of operating at moderate debt levels and adherence to financial policies. The stable outlook reflects our expectation that PT Pakuwon Jati Tbk. will conservatively manage its growth over the next 24 months, and that satisfactory project execution will support stable cash flow adequacy over the period. We could lower the rating if Pakuwon Jati increases its appetite for debt beyond our expectation and its articulated financial policies, such that the debt-to-EBITDA ratio approaches 3.0x. Given the high share of recurring income, we believe
