JAKARTA. Moody’s Rating has reportedly promoted Corporate Family Rating (CFR) of PT Agung Podomoro Land Tbk (APLN) to Caa1 from the previous Caa3 starting from August 8, 2024. At the same time, Moody’s also revises APLN’s prospect from negative to stable.

F. Justini Omas, Corporate Secretary of APLN, said that this rating and prospect upgrade reflects the low risk of refinancing, following APL Realty Holdings paid off the remaining maturing obligations on time. Omas further mentioned that rating promotion is also supported by APLN’s marketing sales number.

“The payment of senior notes in US Dollars was funded by a loan facility from Bank Danamon in Indonesian Rupiah, the entirety of which had been withdrawn on May 27, 2024, worth IDR 2.95 trillion,” Omas added.

This rating and prospect upgrade of APLN, Omas further claimed, is believed to generate positive impact on the company. “As it indicates improvements of operational and financial performances of the company,” Omas continued.

According to IDNFinancials data, APLN has initiated various measures to improve its financial situation within the past years, ranging from tender offer held in August and November 2023, as well the payment of maturing senior notes. (KR/ZH)