JAKARTA. Fitch Ratings has upgraded the debt rating of PT Agung Podomoro Land Tbk (APLN) to CCC from CCC- to reflect the company's ability to meet its liabilities.
According to Agung Podomoro Corporate Secretary F. Justini Omas, the renewed rating is also accompanied by an upgrade of the rating of a US$300 million senior bond issued by APL Realty Holdings Pte Ltd, which was issued on 2 June 2017.
APL Realty Holdings is a subsidiary of APLN registered in Singapore, which was established to issue bonds and for financing and acquisition.
"The rating upgrade from Fitch was driven by the earlier repayment of the company's debt to Credit Opportunities II Pte Ltd on 30 November 2020," Mr Omas said in a stock exchange filing.
As previously reported by IDNFinancials.com earlier this week, APLN recently received S$172.80 million funding from Guthrie Venture Pte Ltd, which was later used to repay its debt to Credit Opportunities II. (KR/MS)