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Fitch raises APLN's rating after the subsidiary's debt restructuring is complete

26 November 2020 13:51

JAKARTA - Debt restructuring of PT Bali Perkasa Sukses, a subsidiary of PT Agung Podomoro Land Tbk. (APLN), prompting Fitch Rating to raise the rating of the Company and US dollar-denominated bonds.

Justini Omas, Corporate Secretary of Agung Podomoro Land, said that Fitch Ratings raised the company's rating from C to CCC-; and debt securities of a subsidiary, APL Realty Holdings Pte Ltd, worth US $ 300 million.

"The rating upgrade by Fitch was triggered by the completion of loan restructuring at PT Bali Perkasa Sukses," wrote Justini in an information disclosure on Thursday (26/11/2020). Agung Podomoro owns 63% shares in PT Bali Perkasa Sukses, which is owned by Hotel Indigo Bali Seminyak.

The increase in debt rating from Fitch was also due to sufficient funds in APLN's cash and cash equivalents to meet its debt payment obligations. (AM/VA)

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