Moody’s rates Bumi Serpong Damai notes Ba3

Moody’s Investors Service said it assigned a backed senior unsecured rating of Ba3 to the proposed senior unsecured notes to be issued by Global Prime Capital Pte. Ltd. The proposed notes are guaranteed by Bumi Serpong Damai Tbk., which Moody’s rates Ba3, and some of its subsidiaries, and rank pari passu with the 2021 and 2023 notes. The outlook is stable.

Bumi Serpong Damai will use some of the proceeds to repay indebtedness and the remaining for working capital and other general corporate purposes.

“The proposed notes are not exposed to either legal or structural subordination risk. The rating is therefore aligned with BSD’s Ba3 corporate family rating. We view BSD’s use of the net proceeds from the proposed notes to refinance its 2021 notes as credit positive, because the new issuance will extend its weighted-average debt maturity,” said Jacintha Poh, a Moody’s vice president, senior credit officer and lead analyst, in a press release.

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