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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 restricted default (RD) from C, as well as its national long-term rating to restricted default (RD) (idn) from C (idn). Its dollar-denominated senior unsecured notes due 2013 were affirmed at C with a recovery rating of RR6.
The downgrade follows Arpeni's failure to pay the coupon on its Rp 600 billion rupiah denominated notes issued in 2008, which were due Sept. 17, Fitch said.
Although the company has stated the missed coupon would be paid before Sept. 30, the rupiah notes do not provide a grace period, the agency said.
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