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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,"
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.
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
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.
Moody's revises Pakuwon's Caa1 ratings outlook to stable
24/F One Pacific Place
China (Hong Kong S.A.R.)
No Related Data.
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