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Rating Action:

Moody's assigns B2 ratings to Alam Sutera's proposed bonds

14 Jan 2019

Singapore, January 14, 2019 -- Moody's Investors Service has assigned a backed senior unsecured rating of B2 to the proposed senior unsecured notes to be issued by Alam Synergy Pte. Ltd. The proposed notes are guaranteed by Alam Sutera Realty Tbk (P.T.) (B2 negative) and most of its subsidiaries and rank pari passu with the 2020 notes and 2022 notes.

The rating outlook is negative.

Alam Sutera will use the net proceeds from the proposed issuance towards partial refinancing of its 2020 notes and general corporate purposes.

RATINGS RATIONALE

"The rating on the notes is in line with Alam Sutera's B2 corporate family rating, as the proposed notes are not exposed to either legal or structural subordination risk," says Jacintha Poh, a Moody's Vice President and Senior Credit Officer.

At 31 October 2018, 89% of Alam Sutera's total debt was unsecured, and the majority of Alam Sutera's borrowings were at the holding company. Furthermore, the notes are guaranteed by all major subsidiaries.

"The successful issuance of the proposed notes would be credit positive, because it will improve Alam Sutera's liquidity, and partially address the company's refinancing risk," adds Poh, who is also Moody's Lead Analyst for Alam Sutera.

Alam Sutera held cash and cash equivalents of IDR408 billion ($27 million) at 31 October 2018. While Moody's expects the company to generate around IDR1.7 trillion in cash from operations in 2019, Alam Sutera will not accumulate sufficient cash to cover the repayment of its $235 million notes in March 2020.

Moody's expects Alam Sutera's adjusted debt/homebuilding EBITDA will remain around 3.5x in 2019 while the company's homebuilding EBIT/interest expense will weaken to around 3.3x from 3.6x for the 12 months ended 30 September 2018.

Alam Sutera's B2 ratings reflect the company's ownership of a large and low-cost land bank, a situation which has allowed it to generate strong gross profit margins exceeding 50%. The ratings also take into account the increased volatility in Alam Sutera's earnings and cash flow over the last two years, driven by larger contributions from one-off transactions instead of income from the company's core business of property development.

The ratings are constrained by Alam Sutera's small scale and limited geographic diversity. The company is also exposed to the cyclical property sector, with limited contributions from the more stable, recurring income stream from its investment properties.

The negative outlook on Alam Sutera's ratings reflect Moody's expectation that the company's liquidity will weaken significantly over the next 12-18 months, owing to the maturity of its 2020 notes.

Given the negative ratings outlook, Moody's will unlikely upgrade Alam Sutera's ratings over the next 12-18 months.

Nevertheless, the ratings outlook could return to stable if the company: (1) successfully refinances its $235 million bond due March 2020; (2) continues to execute its business plans, in particular, its land sales to China Fortune Land Development Co., Ltd (CFLD); and (3) maintains stable financial metrics, such that adjusted debt/ homebuilding EBITDA is below 5.0x and adjusted homebuilding EBIT/interest expense is above 2.0x.

Moody's could downgrade the ratings if Alam Sutera's financial and liquidity profiles weaken owing to: (1) an inability to proactively address the refinancing of its $235 million bond due March 2020; (2) a failure to execute its business plans, in particular, its land sales to CFLD; (3) a deterioration in the property market, leading to a protracted weakness in the company's operations; and (4) a material depreciation in the Indonesian rupiah, which could increase the company's debt servicing obligations.

Metrics indicative of downward ratings pressure include: (1) adjusted debt/homebuilding EBITDA exceeding 5.0x; (2) adjusted homebuilding EBIT/interest expense falling below 2.0x; or (3) insufficient cash to cover short-term debt obligations.

The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Established in November 1993 and listed on the Indonesian Stock Exchange in December 2007, Alam Sutera Realty Tbk (P.T.) is an integrated property developer in Indonesia that focuses on the sale of land lots in accordance with township planning requirements, as well as property development in residential and commercial segments in Indonesia. At 30 September 2018, the family of The Ning King owned around 47% of the company.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Jacintha Poh
VP - Sr Credit Officer
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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