PT Pakuwon Jati Tbk raise IDR90 biliion loan from Bank ICBC Indonesia. The company plans to use the fund for refinancing needs in 2011 when US$20 million of the rated secured notes will mature.
Moody's Investors Service has today revised to stable from negative the outlook for Pakuwon Jati Caa1 corporate family rating and the Caa1 senior secured rating for the US$ senior secured notes due November 2011.
The notes issued by Pakuwon Jati Finance BV, and guaranteed by Pakuwon and its subsidiary, PT Artisan Wahyu. At the same time, Moody's has affirmed both the company's Caa1 corporate family rating and senior secured rating.
The Caa1 ratings further reflect Pakuwon's exposure to a high level ofbusiness volatility in view of the small scale and concentrated natureof its operations.
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