Fitch assigns PP Properti notes BBB+(idn)

Fitch Ratings said it assigned the first phase offering of PT PP Properti Tbk.’s a BBB+(idn) rating. The first phase will be up to Rp 1.2 trillion due 2025.

The issuance is rated at the same level as the company’s national long-term rating because the notes represent its direct, unconditional and unsecured obligations. Fitch said it believes structural subordination is limited as the debt structure consists mostly of unsecured debt.

The company plans to use 42% of the proceeds for debt refinancing, 33% for property-related investments and the remaining 25% for working capital purposes.

The outlook is negative.

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