Moody's rates Modernland notes B2

Moody's Investors Service said it assigned a definitive B2 corporate family rating to PT Modernland Realty Tbk.

The agency also assigned a definitive B2 senior unsecured bond rating to the $150 million senior unsecured notes issued by Modernland Overseas Pte Ltd., an entity wholly owned by Modernland. Modernland and its subsidiaries guarantee the notes.

The outlook is stable.

Moody's removed the provisional status of the corporate family and senior unsecured bond ratings, affirmed on Oct. 17. The rating rationale was set out in a press release issued on that date and explored more fully in a credit opinion issued on July 29.

"Following the completion of the acquisition of Jakarta Garden City last week, Modernland now has access to a healthy land bank, with an aggregate development life of about 10 years," Moody's analyst Jacintha Poh said in a news release.

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