Oct 6, 2010

Fitch withdraws CP Prima ratings

Fitch Ratings has today withdrawn PT Central Proteinaprima's (CP Prima) C long-term foreign currency issuer default ratings (IDRs), as well as the C rating on its US$325 million senior unsecured notes due in 2012, issued by Blue Ocean Resources Pte Ltd and guaranteed by CPP and its subsidiaries.
The withdrawal follows CPP's failure to submit a restructuring plan to noteholders within the agreed six-month standstill period that ended in June 2010.
However, Fitch understands that the negotiations on a restructuring plan continue between the company and the US$ noteholders. The agency has withdrawn all ratings due to a lack of forward looking information from the company. Fitch will no longer provide ratings or analytical coverage on this issuer.

Disclosure: No position at the stock mentioned above.

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