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Fitch: Alam Sutera notes B+
Fitch Ratings said it has assigned PT Alam Sutera Realty Tbk. long-term foreign currency issuer default ratings of B+ with stable outlook.
The agency said it has also assigned Alam Sutera a senior unsecured rating of B+ and its proposed senior unsecured dollar notes an expected B+(exp) rating, with a recovery rating of RR4.
The proposed notes are to be issued by Alam Synergy Pte Ltd. and guaranteed by PT Alam Sutera Realty Tbk. and certain subsidiaries.
The ratings reflect the issuer's small scale, lack of project diversification and inherent volatility in the property development business, Fitch said.
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