Fitch: No change for Arpeni Pratama

Fitch Ratings said that PT Arpeni Pratama Ocean Line Tbk.'s foreign- and local-currency issuer default ratings of CCC and its national long-term rating to B+(idn) remain unaffected following the payment of a missed semiannual coupon on its dollar-denominated senior unsecured notes due 2013. The ratings and the CC rating on the dollar-denominated notes remain on Rating Watch negative.

The payment of the coupon avoided a default, but there are significant concerns over Arpeni's liquidity position, Fitch said. These include Arpeni's high trade receivables, working capital facilities that have been fully utilized, derivative related liabilities and committed capital expenditure, the agency said.

A negative rating action may be taken if there is evidence to suggest that Arpeni's liquidity is significantly stretched, the agency said, or there is a need for debt restructuring that could be detrimental to its creditors.

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