Fitch affirms Pakuwon Jati

Fitch Ratings said it affirmed PT Pakuwon Jati Tbk's foreign-currency and local-currency issuer default ratings at B with stable outlook, along with the B rating and recovery rating of RR4 on the $110 million senior notes due 2011, issued by Pakuwon Jati Finance BV and guaranteed by Pakuwon and its subsidiaries. Fitch also affirmed its national long-term rating at BBB-(idn) with a stable outlook.

The ratings reflect the risks associated with the development of Superblock Gandaria, a mixed-use development in Jakarta that has achieved weak pre-sale rates to date, Fitch said.

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