(The following statement was released by the rating agency)
SINGAPORE/JAKARTA, August 18 (Fitch) Fitch Ratings has assigned
Indonesia-based
PT Modernland Realty Tbk's (Modernland, B/Negative) proposed US
dollar-denominated 9.75% senior unsecured notes due in 2019 an
expected rating
of 'B(EXP)' with a Recovery Rating of 'RR4'. The notes will be
issued by
Modernland's wholly owned subsidiary Marquee Land Pte Ltd and
guaranteed by
Modernland and certain subsidiaries.
The notes are rated at the
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