Fitch Ratings has kept Kawasan Industri Jababeka Tbk's B long-term issuer default rating and A-(idn) national long-term rating under Rating Watch Negative.

The rating agency is keeping watch on a potential change of control event in the Indonesia-based diversified real estate company, which would require it to repurchase its US$300 million bond. Fitch said Aug. 7 that the company may not have enough funds to initiate the buybacks, and could face liquidity and refinancing challenges if it does.

The company said in July that its proposed appointment of new board members was blocked by creditors and a group of minority shareholders, and was not finalized. The company is still determining whether the proposal triggered a change of control event.