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Rating Action:

Moody's revises Pakuwon's Caa1 ratings outlook to stable

Global Credit Research - 09 Aug 2010

Approximately US$23 million in debt securities affected

Hong Kong, August 09, 2010 -- Moody's Investors Service has today revised to stable from negative the outlook for PT Pakuwon Jati Tbk's ("Pakuwon") Caa1 corporate family rating and the Caa1 senior secured rating for the US$ senior secured notes due November 2011 ("2011 Notes") issued by Pakuwon Jati Finance BV, and guaranteed by Pakuwon and its subsidiary, PT Artisan Wahyu (AW).

At the same time, Moody's has affirmed both the company's Caa1 corporate family rating and senior secured rating.

"The outlook revision follows the improvement in the company's operating results, which include 53% year-on-year growth in revenue and 26% year-on-year growth in operating income for 1H 2010," says Kaven Tsang, a Moody's AVP/Analyst, adding, "The results were supported by higher property sales during the period."

"Moreover, the stable outlook has considered a reduction in the development and execution risks associated with the Gandaria City project, as construction work has been substantially completed, while its retail mall was opened on August 5," adds Tsang.

"Nevertheless, Pakuwon still needs to ramp up the mall's operation, and demonstrate its abilities to realize its sales plan and manage the mall with stable occupancy rates and cash flow generation," adds Tsang.

The Caa1 ratings further reflect Pakuwon's exposure to a high level of business volatility in view of the small scale and concentrated nature of its operations. It also has potential refinancing needs in 2011 when US$20 million of the rated secured notes will mature and IDR90 billion (around US$10 million) of borrowing from Bank ICBC Indonesia will come due.

While debt leverage has improved -- with adjusted leverage at 52% as of June 2010 from 57% as of June 2009 -- its Caa1 ratings are restrained by potential refinancing needs by end-2011 against its history of distressed debt exchanges in 2009 and debt restructuring in early 2000s.

Partly mitigating these concerns is the expectation that the Tunjungan City mall will generate stable and recurring cash flow of around IDR350 billion (approximately US$38-39 million) per annum. Presales of offices and condominiums in Gandaria City are also on track, and payments are scheduled to be received through installments in the coming 12-18 months.

Upward rating pressures could emerge if Pakuwon successfully 1) ramps up the mall in the Gandaria City project, and achieves stable occupancy rates and cash flow generation, 2) executes its sales plan, such that EBITDA interest coverage could be sustained at 2.5-3x and adjusted leverage at 50-55%; and 3) improves its liquidity with free cash to address its funding and refunding needs.

The rating would be downgraded if 1) the company's liquidity weakens due to a substantial decline in sales or failure to meet the financial covenants test, thereby resulting in accelerated debt payments, or 2) there is a material depreciation in the Rupiah, which materially increases the company's debt-servicing obligations.

The last rating action for Pakuwon was taken on 7 December 2009 when its senior secured bond rating was upgraded to Caa1 from Ca and corporate family rating was affirmed at Caa1 upon completion of the distressed exchange. Both ratings outlook remained negative at that time.

The principal methodology used in rating Pakuwon was Moody's 'Global Rating Methodology on Homebuilding Industry,' published in March 2009, and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab.

Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Headquartered in Surabaya, Indonesia, Pakuwon is engaged in the development, management and operation of shopping centers, office buildings, condominium towers, hotels and residential townships, mainly in Surabaya, East Java. The company was listed on the Jakarta Stock Exchange in 1989.

Hong Kong
Kaven Tsang
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Hong Kong
Peter Choy
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's Investors Service Hong Kong Ltd.
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Moody's revises Pakuwon's Caa1 ratings outlook to stable
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