Moody’s confirms Agung Podomoro

Moody's Investors Service said it confirmed the B2 corporate family rating of Agung Podomoro Land Tbk. PT.

At the same time, Moody's confirmed the B2 backed senior rating of the 2024 notes issued by APL Realty Holdings Pte. Ltd., a wholly owned subsidiary of Agung Podomoro Land.

The notes are guaranteed by Agung Podomoro Land and some of its subsidiaries.

The outlook is negative.

These actions conclude the review for downgrade initiated on July 15.

On Sept. 26, Agung Podomoro Land announced that it has received Rp 800 billion of advances from its controlling shareholder, Trihatma Kusuma Haliman and family, which will be converted into equity after obtaining approval at the company's extraordinary general meeting in November 2019.

At the same time, Agung Podomoro Land has signed a $127 million senior secured term facility agreement with Credit Opportunities II Pte. Ltd. that has a tenor of 18 months and will be secured by Central Park Mall.

The company will use the funds raised to repay debt with upcoming maturities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.