Japfa’s Outlook Revised Back to Stable

The outlook on Japfa Comfeed Indonesia, Tbk (JPFA IJ) had been revised to stable from negative by S&P. While its long term corporate rating affirmed at ‘B’ along with its senior unsecured notes. The outlook revision due to Japfa’s improving liquidity and declining refinancing risk after equity sale to KKR & Co. (KKR) that now owns about 12% of Japfa’s share. Japfa has already received IDR700bn of the where the company is committed to using most of the equity proceeds to repay its debt. The company also reportedly in the process of setting up bank facilities totaling IDR1trn to repay debt maturing within the next 12 months.

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Bank Indonesia Currency Cooperation with Singapore