RATNGS - PEFINDO - Downgraded Arpeni Pratama Ocean Line Tbk.

PEFINDO downgraded the rating of PT Arpeni Pratama Ocean Line Tbk (APOL or the Company)’s bond II/2008 to “_idD” from “_idCCC“.  The action is triggered by the Company’s failure to pay the 11th coupon of its bond II/2008 that due on December 18, 2010.  The Company’s corporate rating and Syariah Ijarah Medium Term Notes II/2008 are still maintained at “_idSD” and “_idCCC_(sy)“.


The rating is still put on Credit Watch with Negative Implication to reflect ongoing concern over the Company’s capability to fulfill other financial obligation due in the near term.

APOL is a shipping company listed in Indonesia Stock Exchange.  The Company’s latest shareholders are PT Mandira Sanni Pratama (30.7% of total shares), PT Ayrus Prima (21.0%), Morgan Stanley & Co (9.8%), Melon S/A Cundhill Recovery FD (6.0%), DEG (8.7%) and public (23.8%).

Source : http://new.pefindo.com/r_releasedetail.php?cid=787 - Dec 22, 2010