Jul 6, 2010

Credit watch on Truba bonds revoked

Local rating agency PT Pemeringkat Efek Indonesia (Pefindo) has revoked status of negative credit watch on bonds of engineering company PT Truba Jaya Engineering, subsidiary of publicly listed PT Truba Alam Manunggal Engineering Tbk (TRUB).
In a research report published by Pefindo today, the revocation is following payment made by Truba Jaya to a certain account provided by its bonds trustee PT Bank CIMB Niaga Tbk.
Pefindo analyst Rifan Firmansyah said Pefindo confirms that Truba Jaya's prospect is stable.
But, the rating agency hasn't improved Truba Jaya's bonds rating from current level at BB+. Pefindo downgraded Truba bonds' rating from previous level at BBB+.
Pefindo put Truba Jaya's bonds at negative credit watch on June 24 2010 because the company hadn't secured bank loan facility to refinance the bonds. Truba Jaya has Rp200 billion bonds due on July 8 2010.

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