Fitch affirms Modernland Realty

Fitch Ratings said it affirmed PT Modernland Realty Tbk's long-term issuer default rating at B with a stable outlook.

The agency said the affirmation reflects Modernland's stable credit profile despite the soft demand for properties in Indonesia.

Fitch said it believes Modernland's ratings are supported by the quality of its assets and established domestic franchise.

“In our view, the company has successfully managed its liquidity through challenging conditions based on its strategy of selling land in bulk,” the agency said in a news release.

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