Fitch affirms Arpeni Ocean Line notes at C

JAKARTA: Fitch Ratings has today affirmed PT Arpeni Pratama Ocean Line Tbk's (Arpeni) foreign and local currency Issuer Default Ratings (IDR) at RD, its National Long-term rating at RD(idn) and the C rating on Arpeni's USD senior unsecured notes due
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 09 Desember 2010  |  03:53 WIB

JAKARTA: Fitch Ratings has today affirmed PT Arpeni Pratama Ocean Line Tbk's (Arpeni) foreign and local currency Issuer Default Ratings (IDR) at RD, its National Long-term rating at RD(idn) and the C rating on Arpeni's USD senior unsecured notes due 2013.This a correction of the commentary issued on 8 December 2010 entitled Fitch Downgrades Arpeni's USD Notes to D. Fitch corrects that the rating on Arpeni's USD notes has been affirmed at C, and not downgraded to D. A corrected version follows:The rating affirmations follow Arpeni's failure to pay the missed coupon on the USD notes which fell due on 3 November 2010 within the 30-day grace period. The affirmation of the C rating on the USD notes is in line with Fitch's approach in relation to defaulted obligations, which are typically rated in the B to C rating categories, depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss. (wiw)

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