Moody's affirms Bukit Makmur Mandiri Utama

Moody's Investors Service said it affirmed its Ba3 corporate family rating for PT Bukit Makmur Mandiri Utama and the Ba3 senior secured rating on the $315 million five-year notes issued by Prime Dig Pte Ltd., an entity wholly owned by and whose bonds are also guaranteed by Buma.

The outlook is stable.

The proceeds from the bond issue, along with a coordinated $285 million bank loan facility, will be used to refinance outstanding issues under an existing $366 million bank facility.

The ratings consider the business risk and competitive position of the company versus others within its industry, its capital structure and financial risk and the projected performance of the company, Moody's said.

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