Fitch upgrades Jababeka to B+

Fitch Ratings said it upgraded PT Kawasan Industri Jababeka Tbk.'s long-term issuer default rating to B+ from B. The outlook is stable.

At the same time, Jababeka's $175 million five-year senior unsecured notes have also been upgraded to B+ from B with a recovery rating of RR4.

Fitch has also assigned a senior unsecured rating of B+.

The upgrade follows the commencement of Jababeka's 130MW gas-fired power plant (PP1) in January 2013. Power sales are based on a long-term off-take agreement with PT Perusahan Listrik Negara (BBB-/stable), which will add stability to Jababeka's cash flow, the agency said.

© 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.