Fitch Ratings – Singapore – 24 Nov 2021: Fitch Ratings has affirmed Indonesia-based property developer PT Ciputra Development Tbk’s (CTRA) Long-Term Issuer Default Rating (IDR) at ‘B+’ with Stable Outlook. The agency has also affirmed the long-term rating on CTRA’s SGD150 million unsecured notes due 2 February 2026 at ‘B+’ and its Recovery Rating at ‘RR4′.
The affirmation with Stable Outlook reflects the expectation of Fitch Ratings that CTRA will maintain steady performance in the next 12-18 months. CTRA’s IDR is constrained by its small operating scale compared to higher-rated peers, whereby Fitch Ratings do not expect its attributable presales (excluding the share of presales attributable to minority owners) to rise above IDR5 trillion in the next two years.
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Fitch Upgrades Ciputra Development to ‘BB-‘; Outlook Stable
Fitch Revises Outlook on Ciputra Development to Positive; Affirms…
