Oct 4, 2010

Arpeni bond rating upgraded to idCCC

Stellar local rating agency PT Pemeringkat Efek Indonesia (Pefindo) has upgraded the rating of PT Arpeni Pratama Ocean Line Tbk (APOL)'s bond II/2008 worth Rp600 billion from idD to idCCC after the company paid the tenth coupon due on September 18 2010.
Based on the press statement published by Pefindo, at the same time, Pefindo also affirmed idCCCsy rating for the company's syariah ijarah medium term notes II/2008 worth Rp150 billion.
Arpeni's corporate rating is still maintained at idSD to reflect the continued suspension of principal installment ti several creditors and unsettled debt restructuring process.
The debt instrument ratings are still put on credit watch with negative implication to reflect ongoing concern over the company’s capability to pay the next coupon in December 2010 and potential negative impact from the bankruptcy lawsuit by Korean Securities Finance Corporation.
Arpeni is a publicly listed shipping company in Indonesia Stock Exchange. The company's shareholders are PT Mandira Sanni Pratama of 30.7%, PT Ayrus Prima of 21%, Morgan Stanley of 9.8%, Melon S/A Cundhill Recovery FD of 6,7%, and DEG of 8,7%, and public holders of 23.1%.

Disclosure: No position at the stock mentioned above.

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