google-site-verification=zsLknblUv9MPpbGfVx9l3sfhCtAjcEQGFzXwTpBAmUo Saham ASRI | Alam Sutera Realty Tbk (P.T.) Rating From Moody's Investors Service Langsung ke konten utama

Saham ASRI | Alam Sutera Realty Tbk (P.T.) Rating From Moody's Investors Service


Moody's Investors Service has affirmed the B2 corporate family rating of Alam Sutera Realty Tbk (P.T.) and affirmed the B2 backed senior unsecured rating of the 2020 notes and 2022 notes issued by Alam Synergy Pte. Ltd., a wholly owned subsidiary of Alam Sutera. The notes are guaranteed by Alam Sutera and most of its subsidiaries.

Moody's has also changed the outlook on the ratings above to negative from stable.

The negative outlook on Alam Sutera's ratings reflect Moody's expectation that the company's liquidity will weaken significantly over the next 12-18 months, owing to the maturity of its $235 million notes in March 2020.

"Alam Sutera faces impending refinancing risk because the company does not have any concrete plans to address the maturity of its 2020 notes," says Jacintha Poh, a Moody's Vice President and Senior Analyst.

"Furthermore, the current market conditions . namely a weaker Indonesian rupiah and higher interest rates . will prove challenging for Alam Sutera's refinancing efforts," adds Poh.

Alam Sutera held cash and cash equivalents of IDR904 billion at 30 June 2018. While Moody's expects the company to generate IDR1.0-IDR1.7 trillion in cash from operations over the next 12-18 months, Alam Sutera will not accumulate sufficient cash to cover the repayment of its 2020 notes.

Consequently, Alam Sutera will need to refinance its 2020 notes, which is equivalent to around IDR3.5 trillion and showed a yield-to-maturity of around 11% at 11 September 2018 compared to around IDR2.3 trillion and around 7% at issuance in March 2013.

Alam Sutera's operating performance remains healthy, supported by: (1) continued execution of land sales to China Fortune Land Development Co., Ltd (CFLD); (2) a strong take-up rate of more than 90% at the launch of its new residential project, Lloyds in Alam Sutera township; and (3) the sale of commercial land at Alam Sutera township. These contributed around IDR2.4 trillion of the company's total marketing sales of IDR3 trillion for the first half of 2018.

Alam Sutera is tracking ahead to meet its full year marketing sales target of around IDR4 trillion and will likely exceed Moody's expectation of IDR3.3 trillion.(end)
http://www.iqplus.info/news/stock_news/asri-moodys-changes-alam-sutera-ratings-outlook-to-negative,55142213.html
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