RATING - Arpeni Pratama Ocean Line Tbk.

PEFINDO downgraded the ratings of PT Arpeni Pratama Ocean Line Tbk (APOL or the Company) and its Syariah Ijarah Medium Term Notes (MTN) II/2008 to “_idD” and “_idD(sy)“ from “_idSD” and “_idCCC_(sy)“. The action is triggered by the Company’s failure to pay the 10th fee Ijarah for the MTN that was due on December 30, 2010.  The rating of the Company’s bond II/2008 is still maintained at “_idD”.

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%), DEG (8.7%) and public (29.8%).

Rating Period Bond II/2008: January 3, 2011 – July 1, 2011
Rating Period MTN II/2008: January 3, 2011 – June 30, 2011
Contact Analyst: Ronald Hertanto & Vonny Widjaja

Source : http://new.pefindo.com/r_releasedetail.php?cid=791 - Jan 5, 2010