JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) cut the rating of PT Arpeni Ocean Line Tbk's II/2008 bond from idCCC to idD due to their negligence to pay off the bond coupon.Pefindo analyst, Ronald Hertanto, said the company has not paid their 11th bond coupon due December 18.
“However, the ratings of the company and its ijarah medium rate notes (MTN) are still at idSD and idCCC,” he said.
Arpeni's rating, he continued, is still in credit watch list with negative implications, reflecting concern on the company’ ability to pay off other financial obligations maturing soon.
The majority shares of APOL-coded company are owned by PT Mandira Sanni Pratama (30.7%) and PT Ayrus Prima (21%).
The other shareholders are Morgan Stanley % Co (9.8%), Melon S/A Cundhill Recovery FD (6%), DEG (8.7%) and the public (23.8%). (T05/NOM)
Source : http://www.bisnis.com/index.php/corporate/3065-pefindo-curbs-arpenis-bond-rating-to-idd - Dec 23, 2010
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