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S&P revises outlook on Indonesia's PT Modernland Realty, affirms rating

S&P Global Ratings revised its outlook on PT Modernland Realty Tbk to negative from stable, and affirmed its long-term issuer credit rating at B.

The rating agency attributed the outlook revision to the Indonesian property developer's growing short-term debt and increasing refinancing requirements. The company has a 450 billion-Indonesian-rupiah bridging loan maturing in June 2019 and US$58 million of notes due in August 2019, which S&P believes the company will not be able to pay off.

S&P views Modernland's position in Jakarta as good, due to its solid property development business, which remains on track, but considers the company's liquidity less than adequate. The agency expects the company to continue aggressive debt-funded growth over the next 12 months.

As of Aug. 10, US$1 was equivalent to 14,530 Indonesian rupiah.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.