Fitch affirms Arpeni Pratama Ocean Line

Fitch Ratings said it affirmed PT Arpeni Pratama Ocean Line Tbk.'s long-term foreign- and local- currency issuer default ratings at BB-, national long-term rating at A+(idn) and the rating on the $160 million senior unsecured notes due 2013 at BB-.

The outlook remains negative.

Fitch said it affirmed Arpeni's ratings despite its persistently high financial leverage due to sustained high capital expenditure.

The ratings draw comfort from the fact that the company is the largest dry-bulk operator in Indonesia, the agency said.

Fitch said its concerns revolve mainly around Arpeni's aggressive capital expenditure program to benefit from favorable market conditions.

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