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S&P rates Delta Merlin notes BB-
S&P said it assigned a BB- long-term preliminary issuer credit rating to PT Delta Merlin Dunia Textile.
The agency also said it assigned a BB- long-term preliminary issue rating to the company's proposed $300 million senior unsecured notes.
The rating on PT Delta Merlin reflects the creditworthiness of the broader PT Duniatex Group, S&P said.
The agency said it assesses the company as a core subsidiary with stronger stand-alone credit profile with a BB stand-alone credit profile rating.
Duniatex Group's higher leverage than Delta Merlin and its high level of short-term working capital debt constrains its credit profile, S&P said.
The agency said it strong operating performance and stable track record provides some support.
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