Moody’s affirms Alam Sutera

Moody's Investors Service said it affirmed the B2 corporate family rating of Alam Sutera Realty Tbk.

The agency also affirmed the B2 backed senior unsecured rating of the 2020 notes and 2022 notes issued by Alam Synergy Pte. Ltd., a wholly owned subsidiary of Alam Sutera. The notes are guaranteed by Alam Sutera and most of its subsidiaries.

The outlook is stable.

"The affirmation of Alam Sutera's B2 ratings reflect its strong financial metrics in 2017 and our expectation that China Fortune Land Development will continue to buy land plots from the company at Pasar Kermis, contributing around IDR1.5 trillion to cash flows in 2018," Moody's vice president and senior analyst Jacintha Poh said in a news release.

"The incremental cash flow will compensate for Alam Sutera's weak core marketing sales and support the company's financial metrics within the thresholds of its B2 ratings level over the next 12-18 months."

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