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Showing posts from January 13, 2019

PT Alam Sutera Realty Tbk. Proposed Senior Unsecured Notes Rated 'B'; CreditWatch Remains Unchanged

SINGAPORE (S&P Global Ratings) Jan. 14, 2019--S&P Global Ratings today assigned its 'B' long-term issue rating on the proposed senior unsecured notes to be issued by PT Alam Sutera Realty Tbk.'s (Alam: B/Watch Neg/--) special-purpose vehicle, Alam Synergy Pte. Ltd. The issuer credit rating and CreditWatch status on the Indonesia-based property developer are not affected by the company's proposed issuance. Alam will unconditionally and irrevocably guarantee the proposed notes. The bulk of the proceeds will go toward refinancing US$235 million notes due in March 2020, with some allocated to transaction expenses and general corporate purposes. The proposed transaction, if successful, would partially alleviate near-term liquidity pressure on Alam, and extend the company's debt-maturity profile. The CreditWatch status remains, pending the refinancing plan of remaining 2020 notes in the next four to eight weeks. The CreditWatch placement indicates a

Korea Midland Power Co. Ltd.'s Proposed U.S. Dollar Senior Unsecured Notes Rated 'AA'

HONG KONG (S&P Global Ratings) Jan. 14, 2019--S&P Global Ratings today assigned its 'AA' long-term issue rating to the proposed US$300 million senior unsecured notes issued by Korea Midland Power Co. Ltd. (KOMIPO; AA/Stable/--). The notes will be drawn from KOMIPO's updated US$3 billion Euro medium-term note program, to which we also assigned an 'AA' rating. The company plans to use the proceeds for green bond projects such as renewable energy. The rating on the notes is subject to our review of final issuance documentation. We view KOMIPO as a core subsidiary of Korea Electric Power Corp. (KEPCO; AA/Stable/A-1+), and therefore equalize the ratings on KOMIPO with that on KEPCO. KOMIPO's power generation is integral to KEPCO's role of providing a stable supply of electricity in Korea. KEPCO's six power-generation subsidiaries, including KOMIPO, each account for a key portion of the parent's around 80% share of the national electri

HC Group Inc. 'B' Rating Withdrawn At The Company's Request

HONG KONG (S&P Global Ratings) Jan. 14, 2019--S&P Global Ratings today withdrew its 'B' long-term issuer credit rating on the China-focused industrial internet services firm HC Group Inc. at the company's request. The outlook was stable at the time of the withdrawal. At the same time, we withdrew our 'B' long-term issue rating on the senior unsecured U.S. dollar note that wholly owned subsidiary HC Innovest Holdings Ltd. proposed to issue.