Fitch Ratings has withdrawn Indonesia-based property developer PT Modernland Realty Tbk's (MDLN) Long-Term Issuer Default Rating (IDR) of 'CCC-'.

Fitch has also withdrawn the rating of 'CCC-' with Recovery Rating of 'RR4'on the senior unsecured notes due 2025 and 2027 issued by MDLN's subsidiaries, JGC Ventures Pte. Ltd. and Modernland Overseas Pte Ltd, respectively.

Fitch is withdrawing the ratings as MDLN has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for MDLN.

Key Rating Drivers

Not applicable as the ratings have been withdrawn.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

Best/Worst Case Rating Scenario

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

Issuer Profile

MDLN is an Indonesia-based property developer. It has around 1,500 hectares of land bank, which is sufficient for another 12 years of development. MDLN generates presales mainly from Jakarta Garden City, a residential township in East Jakarta, and an industrial estate in the west of Jakarta.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

We no longer have access to sufficient information to maintain the rating and therefore we have withdrawn the rating.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

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