Jan 25, 2012

BLTA placed on rating watch negative

Fitch Ratings has placed Berlian Laju Tanker Tbk's (BLTA) CCC Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDRs) on Rating Watch Negative (RWN).
The CC rating on BLTA's US$400 million senior unsecured notes due 2014, issued by BLT Finance B.V. and guaranteed by BLT, has also been placed on RWN.
The RWN follows the trading suspension of BLT's shares on the Singapore and Jakarta Stock Exchanges pending a debt standstill announcement. There have been no further disclosures from the company.
When BLTA announces the debt standstill the ratings will be lowered to 'C'.
The ratings will be further lowered to 'RD' if the coupon and/ principal repayments are not made within the contractual cure period.

Disclosure: No position at the stock mentioned above.

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