Jun 3, 2012

Fitch Ratings upgrades Arpeni Ocean to CC

Fitch Ratings has upgraded PT Arpeni Pratama Ocean Line Tbk's (APOL) Long-Term Foreign and Local Currency Issuer Default Ratings to CC from RD (Restricted Default), its USD senior unsecured notes rating to CC from C and its National Long-Term Rating to CC(idn) from RD(idn).

The Recovery Rating on the US$ notes is 'RR6'. Simultaneously Fitch has withdrawn all of the above ratings as they are no longer considered by the agency to be relevant to its coverage. 
The upgrade follows Arpeni's successful debt restructuring in Q112. However, Arpeni's credit profile remains weak and its tight liquidity position, in particular, is a risk.

Disclosure: No position at the stock mentioned above.

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