JAKARTA: Indonesian Credit Rating Agency (Pefindo) downgraded the rating of PT Arpeni Pratama Ocean Line Tbk's bond II/2008 to ‘D’ from previously ‘CCC’.
Pefindo's Analysts Ronald Hertanto and Vonny Widjaja informed that the rating downgrade was affected by the shipping company's failure to pay the coupon of bond II/2008 as much as IDR14.5 billion on September 18 2010.
“The Arpeni’s rating is still set at SD level,” both analysts said in a official statement this morning.
On the other hand, as they continued, Pefindo gave CCC rating for Arpeni's medium-term ijarah sukuk II/2008 amounting IDR180 billion.
The sukuk rating indicates the concern on the company’s ability to pay the cost of ijarah bond amounting IDR516 billion on September 29 2010.
Arpeni is a national shipping company listed in PT Indonesia Stock Exchange. Market authority has been closely monitoring the company related to a bankruptcy claim filed by one of its creditors, namely Korea Securities Finance Corporation.
The claim was submitted to Commercial Court of Central Jakarta District due to the payment default of the maturing debt as much as US$1.25 million.
Five institutions being the company’s shareholders are PT Ayrus Prima (21.04%), Morgan Stanley & CO (9.81%), Melon S/A Churcill Recovery FD (7.69%), and DEG (8.67%). The rest 22.12% is owned by public. (T01/NOM)
Source : http://www.bisnis.com/en/corporate/1id212954.html- Sept 22, 2010
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