Fitch upgrades Agung Podomoro

Fitch Ratings said it upgraded PT Agung Podomoro Land Tbk’s long- term issuer default rating and the long-term rating on the company’s $300 million notes due 2024 to CCC+ from CCC-. The recovery rating on the notes remains at RR4.

The notes were issued by the company’s wholly owned subsidiary, APL Realty Holdings Pte. Ltd., and guaranteed by Agung Podomoro and several of its subsidiaries.

“The upgrade follows the repayment of a Rp1.2 trillion syndicated loan, which was due on 30 September 2019, Rp750 billion in loans from PT Bank Maybank Indonesia Tbk, and domestic bonds totaling Rp550 billion, which were originally due in December 2019 and March 2020. APLN was able to repay the debt that was pressurizing its liquidity after it received Rp800 billion in shareholder advances and bridge loans equivalent to around Rp1.8 trillion from a private equity fund, SSG Capital Management (SSG),” said Fitch in a press release.

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