Presale: PT Uniflora Prima
- ID: 1753853
- March 2011
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
On March 29, 2011, Standard & Poor's Ratings Services assigned its 'B-' long-term corporate credit rating to Indonesia-based cocoa processor PT Uniflora Prima. The outlook is stable. At the same time, we assigned our 'B-' issue rating to the proposed issue of about US$300 million-US$400 million in fixed-rate, five-year senior secured notes by Uniflora Prima International Pte. Ltd., a Singapore-based special purpose vehicle (SPV). Uniflora unconditionally guarantees the notes. The rating on the notes is subject to our review of the final issuance documentation. Weak Aggressive (As of March. 29, 2011, assuming the Davomas transaction proceeds) 2011-2015: Nil 2016: US$300 million to US$400 million Very high customer, product and site concentration risks Volatile and commodity-based industry Short track record of...
Companies mentioned in this report are: PT Davomas Abadi Tbk.,PT Uniflora Prima