Fitch corrects Nov. 8 Jababeka release

Fitch Ratings said it corrected its Nov. 8 press release for Kawasan Industri Jababeka Tbk.'s (KIJA).

Fitch downgraded issuer default rating to C from CC, following the company's Nov. 8 announcement offering to exchange most of its senior unsecured notes due October 2023 for new senior unsecured notes, not secured, due 2027. The agency also lowered the senior unsecured $300 million of notes due Oct. 5, 2023 to C from CC with an RR4 recovery rating.

The 2023 notes were issued by wholly owned subsidiary, Jababeka International BV, and guaranteed by KIJA and certain subsidiaries. Fitch Ratings Indonesia also cut KIJA's national long-term rating to C(idn) from CC(idn).

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