Moody’s rates Sri Rejeki Isman notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to the proposed senior unsecured notes to be issued by Sri Rejeki Isman Tbk. PT (Ba3 stable) and unconditionally and irrevocably guaranteed by all its operating subsidiaries.

The proposed notes will rank equal to Sritex's existing senior unsecured notes.

The outlook is stable.

Sritex will use a portion of the net proceeds to redeem the remaining $175 million on its $350 million notes due 2021, and the remainder for working capital and other general purposes.

“The refinancing exercise will extend Sritex's debt maturity profile once completed, with the company's next major maturity of $350 million coming due only in 2022,” Stephanie Cheong, Moody's analyst, said in a news release.

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