Moody’s rates Alam Synergy notes B2

Moody's Investors Service said it assigned a backed senior unsecured rating of B2 to the proposed senior unsecured notes to be issued by Alam Synergy Pte. Ltd.

The proposed notes are guaranteed by Alam Sutera Realty Tbk (B2 stable) and most of its subsidiaries and rank pari passu with the 2020 notes and 2022 notes.

The outlook is stable.

Alam Sutera will use proceeds for the partial redemption of its 2020 notes, capital spending and other working capital purposes.

"The proposed notes are not exposed to either legal or structural subordination risk. Hence the rating is in line with Alam Sutera's B2 corporate family rating," Jacintha Poh, Moody's vice president and senior analyst, said in a news release.

"The increase in borrowings from the proposed notes can be accommodated in Alam Sutera's B2 corporate family rating and is in line with our expectation that the company will increase capital spending to speed up land acquisitions in North Serpong for the next phase of development at its Alam Sutera township.”

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