Fitch assigns Jababeka notes B+

Fitch Ratings said it assigned Kawasan Industri Jababeka Tbk.'s (B+/stable) proposed dollar-denominated notes due in 2019 an expected B+(EXP) rating with a recovery rating of RR4.

The notes will be issued by wholly owned subsidiary Jababeka International BV and guaranteed by Jababeka and certain subsidiaries.

Proceeds will mainly be used to redeem $175 million of notes due in 2017 and for general corporate purposes.

In Fitch's view, Jababeka's financial profile will remain unchanged and consistent with its ratings because the new notes will be used mainly for refinancing that will lower its cost of debt.

The notes are rated at the same level as Jababeka's senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company.

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