trending Market Intelligence /marketintelligence/en/news-insights/trending/moOKeDAHnD6aloE5mTv7zw2 content esgSubNav
In This List

Fitch upgrades Agung Podomoro Land's rating

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Fitch upgrades Agung Podomoro Land's rating

Fitch Ratings upgraded Indonesian developer PT Agung Podomoro Land Tbk's long-term issuer default rating to CCC+ from CCC- following its repayment of debt.

The company was able to repay 1.2 trillion Indonesian rupiah of syndicated loan due Sept. 30; 750 billion rupiah of loans from PT Bank Maybank Indonesia Tbk; and 550 billion rupiah in domestic bonds due December 2019 and March 2020.

The repayment was mostly funded through 800 billion rupiah in shareholder advances and 1.8 trillion in bridge loans from private equity fund SSG Capital Management.

Fitch said that while this alleviates pressure on liquidity, Agung Podomoro's operating cash flows will remain negative in the next 18 to 24 months as the developer will likely fund upcoming dues with additional borrowings.

The company has about 500 billion rupiah in loans due 2020 and 790 billion rupiah in loans due 2021. Fitch said these maturities will be manageable thanks to cash flows from the company's individual projects.

As of Oct. 4, US$1 is equivalent to 14,142.00 Indonesian rupiah.