S&P Upgraded Japfa Rating to B+/Stable

S&P Global Ratings raised its long-term corporate credit rating on Japfa Comfeed Indonesia, Tbk (JPFA IJ) to ‘B+’ from ‘B’ with stable outlook. The upgrade reflects Japfa’s initiatives to lengthen its debt maturity profile and better than expected operating and financial performances. The company’s EBITDA nearly reached IDR3trn in 9M16, almost 30% higher than whole year EBITDA in 2015. Furthermore, capital expenditures is expected to remain around IDR750bn next year, about half of the IDR1.5 trn average during 2012 and 2014. Therefore, high profitability and limited spending should result in stronger free cash flows and higher cash balances hence S&P believed this should facilitate the company’s refinancing efforts.

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