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S&P ups PT Alam Sutera Realty
S&P said it raised its ratings on PT Alam Sutera Realty Tbk. and its guaranteed senior unsecured notes due in April 2022 to CCC+ from CCC.
“Improved consumer sentiment and low mortgage rates will underpin a modest improvement in Alam Sutera's marketing sales in 2021.We estimate the company's marketing sales will be Indonesian rupiah (Rp) 2.8 trillion-Rp 2.9 trillion this year, driven by supportive regulatory measures and end-user demand,” the agency said in a press release.
A new Rp 500 billion bank loan and improved sales should give the company adequate liquidity for the next 12 months, S&P noted.
However, the agency said it still considers Alam Sutera’s capital structure to unsustainable.
The outlook is negative.
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