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Pefindo affirms BBB rating for PP Properti

15 August 2019 15:28

JAKARTA - PT Indonesian Rating Agency (Pefindo) affirmed its "idBBB" rating with a negative outlook for PT PP Properti Tbk (PPRO).

In its report, Pefindo affirmed its "idBBB" ratings for PP Properti, its Medium Term Notes (MTN) 2016 and Bonds I in 2016. Outlook for the company was revised to "negative" to anticipate a prolonged operating cash cycle that burden PPRO’s operating cash flow amidst its high reliance on borrowings to support capital expenditures (capex).

Until the end of June 2019, total PPRO sales were Rp 874.8 billion with a net profit of Rp 158.5 billion. (LM)

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