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%).

RATINGS - Pefindo curbs Arpeni's bond rating to idD

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.

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)“.

CAPITAL MARKETS - SUKUK - RATING - Pefindo downgrades Arpeni Pratama bond's rating

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.