Fitch puts Kawasan Industri on watch

Fitch Ratings said it placed PT Kawasan Industri Jababeka Tbk.'s long-term issuer default rating of B on rating watch negative.

At the same time, Fitch placed its national long-term rating of A-(idn) on rating watch negative.

“The RWN reflects risks around the potential buyback requirement of KIJA's outstanding $300 million 6½% bond due 2023 that could arise should it be determined that a change of control event has been triggered,” the agency said in a news release.

“The U.S. dollar bond was issued by KIJA's wholly owned subsidiary, Jababeka International BV, and guaranteed by KIJA and certain subsidiaries.”

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