Press Release Jababeka Rating A Fitch

Jababeka Issued “A (idn)” Rating By Fitch

PT Jababeka Tbk (“the Company”) has been issued a “A (idn)” national long term rating with a stable outlook by Fitch Ratings.

The Company’s rationale for obtaining a local rating is partially driven by Bank Indonesia’s requirement for Indonesian corporates to have a minimum rating of BB for foreign currency debt starting next year.

In addition, the Company would like to be ready and have a variety of funding sources available to it when and if there is a need to raise funds.

Furthermore, a local rating increases transparency in our view and provides a national equivalent to our international rating.

The Company notes that there are no plans to raise funds at the moment as the Company has sufficient cash on its balance sheet and undrawn bank loan facilities amounting to US$ 42 million.  As it stands CAPEX for the remainder of the year will be funded by internally generated cash. In addition, such CAPEX are mainly for land acquisition, which are largely discretionary in nature. (tim)