S&P rates Alam Sutera notes B

S&P said it assigned a B long-term issue rating on the proposed senior unsecured notes to be issued by PT Alam Sutera Realty Tbk.'s special purpose vehicle, Alam Synergy Pte. Ltd.

The issuer credit rating and CreditWatch status on the developer are not affected by the company's proposed issuance.

Alam Sutera will unconditionally and irrevocably guarantee the proposed notes, S&P noted.

The bulk of the proceeds will go toward refinancing $235 million notes due in March 2020 with some allocated to transaction expenses and general corporate purposes, the agency said.

The proposed transaction, if successful, would partially alleviate near-term liquidity pressure on Alam Sutera, S&P said, and extend the company's debt-maturity profile.

The CreditWatch status remains, pending the refinancing plan of remaining 2020 notes in the next four- to eight-weeks, the agency said.

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