Jan 7, 2011

Pefindo downgrades Arpeni rating to idD

A local rating agency PT Pefindo downgraded the ratings of PT Arpeni Pratama Ocean Line Tbk (APOL) and its Syariah Ijarah Medium Term Notes (MTN) II/2008 to idD and idD(sy) from idSD and idCCC(sy). 
In an official statement, 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. Arpeni 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%).

Disclosure: No position at the stock mentioned above.  

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