Moody’s rates Global Prime notes

Moody's Investors Service said it assigned a Ba3 rating to a proposed offering of notes by Global Prime Capital Pte. Ltd. The proposed notes are guaranteed by parent Bumi Serpong Damai Tbk., which is rated Ba3, and some of its subsidiaries, and rank pari passu with the 2021 notes and 2023 notes.

“The proposed notes are not exposed to either legal or structural subordination risk, and the rating is therefore aligned with BSD's Ba3 corporate family rating,” said Jacintha Poh, a Moody's vice president and senior credit officer, in a news release.

Bumi Serpong Damai will use the proceeds to fund the purchase of its 7¼% senior notes due 2021 via a tender and the remainder for general corporate purposes and working capital.

The outlook is stable.

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