Fitch cuts Arpeni Pratama Ocean Line

Fitch Ratings said it downgraded PT Arpeni Pratama Ocean Line Tbk's foreign- and local-currency issuer default ratings to CCC from B- and its national long-term rating to B+(idn) from BBB-(idn). The rating on the dollar-denominated senior unsecured notes due 2013 also has been downgraded to CC from CCC. The recovery rating remains unchanged at RR5.

All ratings remain on Rating Watch negative.

The ratings reflect continued concerns regarding Arpeni's immediate liquidity position, Fitch said.

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