Moody’s Investors Service has affirmed the B1 corporate family rating of property developer Agung Podomoro Land (APLN). At the same time, Moody’s has affirmed the B1 backed senior unsecured rating of the 2024 notes issued by APL Realty Holdings Pte. Ltd., a wholly owned subsidiary of Agung Podomoro. The notes are guaranteed by Agung Podomoro and some of its subsidiaries. Moody’s has also changed the outlook for the ratings above to negative from stable.

“The change in rating outlook to negative from stable reflects our expectation that Agung Podomoro’s credit metrics will remain weaker than the thresholds set for a B1 rating level if the company’s sale of industrial land is delayed and core marketing sales fail to pick-up in the second half of 2019,” says Jacintha Poh, a Moody’s Vice President and Senior Credit Officer.